Piper Jaffray Reports Confidence in Growth Expectations for Trimble Navigation

According to a research report published today, Piper Jaffray is becoming more and more confident in growth expectations for Trimble Navigation's

ag-sensitive Field solutions segment after surveying farm equipment from dealers across the Midwest. In the report, Piper Jaffray commented, “Dealers are expecting another strong year for precision ag equipment in 2012, following ~30% growth in 2011, with category strength continuing in auto-steering and ramping in variable rate control devices. We are forecasting 17% segment level growth in 2012 and based on feedback from dealers we believe this estimate could prove to be conservative. We continue to recommend owning TRMB into the company's 4Q release on February 2.” Piper Jaffray maintains its Overweight rating and $57.00 PT on Trimble Navigation, which closed yesterday at $44.26.