UPDATE: J.P. Morgan Raises PT on Trimble Navigation to $53.50 (TRMB)

J.P. Morgan is out with its report today on Trimble Navigation

, raising its PT from $47 to $53.50. In a note to clients, J.P. Morgan writes, "Our price target goes to $53.50 (from $47.00) based on a 25x multiple (from 22x). The increased multiple reflects the improving economy as well as surging commodity prices which directly benefit TRMB. The multiple more closely aligns with the company's five-year average excluding outliers in 2007 (~35x) and in 2009 (~10x). We remain constructive on the stock long-term and recommend that investors look for pullbacks before adding to positions. Maintain Neutral." At the time of posting, shares of TRMB were trading at $47.89, down 5.06% from Thursday's close.