UPDATE: Piper Jaffray Maintains Overweight, Ups PT to $57 on Trimble Navigation

Piper Jaffray reiterates its Overweight rating on Trimble Navigation

and raises its price target to $57 from $51 to reflect the company's Brazil growth opportunity. Piper Jaffray comments, “After recently speaking with Trimble Navigation management, we are increasingly optimistic about the company's opportunity for growth in Brazil & Latin America. While the region currently accounts for less than 10% of revenue, we believe it will be a strong contributor to growth over the next 2-3 years. Much like Trimble's expansion into China and India over the past 5 years, the company is laying the foundation for growth through in-country sales personnel and expanded dealer arrangements.” TRMB closed at $43.72 per share on Monday.