UPDATE: J.P. Morgan Upgrades Trimble Navigation Limited to Overweight, Raises PT to Reflect Positive Momentum

In a report published Wednesday, J.P. Morgan analyst Paul Coster upgraded the rating on

from Neutral to Overweight, and raised the price target from $36.00 to $43.00. In the report, J.P. Morgan noted, “We are raising estimates slightly to reflect positive momentum in E&C and improved margins from the firm's strategic shift into higher-value software and services, and we are upgrading TRMB to Overweight from Neutral. Improving cyclical prospects in construction and in enterprise IT bode well for TRMB's E&C and mobile segments heading into 2014, and the firm's long-term growth prospects remain compelling owing to the transition into geospatial business intelligence, which we view as a secular growth opportunity (see report, published today).” Trimble Navigation Limited closed on Tuesday at $38.99.