Piper Jaffray Upgrading Trimble Navigation

Piper Jaffray is out with a research report on Trimble Navigation TRMB and is upgrading shares to Overweight and raising its price target to $50 from $44. In a note to clients, Piper Jaffray writes, "We are upgrading TRMB shares to Overweight and lifting our price target to $50. After attending the largest ag tradeshow of the year, we believe TRMB is poised to see continued strong growth in its highest margin segment (Field Solutions) well into 2012, which should serve as a catalyst to move estimates and valuations higher. Within E&C, we believe the company's efforts to build out dedicated dealerships (SITECH) and expand into new market verticals is setting the stage for sustained double digit organic growth in spite of the global macro backdrop." Shares of TRMB lost 18 cents yesterday to close at $37.14.