Trimble price target raised to $88 from $84 at JPMorgan

JPMorgan raised the firm’s price target on Trimble (TRMB) to $88 from $84 and keeps an Overweight rating on the shares. The firm left a meeting with management increasingly confident in Trimble’s ability to outgrow the market and its peers in any economic scenario as the year unfolds. Management noted that a simplified portfolio, steady growth in the mix of software and recurring revenues and improvement in margin, and momentum across the three segments should characterize Trimble’s path forward, the analyst tells investors in a research note. “Recession or not, we recommend owning TRMB,” says JPMorgan.