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Trimble Navigation Limited (NASDAQ:TRMB) was downgraded by stock analysts at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a report issued on Wednesday, reports. They currently have a $36.00 price target on the stock, down from their previous price target of $40.00. Janney Montgomery Scott’s price objective suggests a potential upside of 5.17% from the stock’s previous close.

The analysts wrote, “With the negative comps piling up, it is increasingly difficult to argue that Trimble’s ag business is still a true secular growth story, and management itself concedes that the business is now more exposed to the ag cycle. This maturation of Trimble’s flagship precision ag hardware business not only has ramifications for the growth outlook (i.e. growth will decelerate and become more volatile), but also impacts the valuation discussion (with a growth multiple more difficult to justify). “This cuts the core of the investment thesis, which is predicated in part on further secular growth in the precision ag business. As a result, although the outlook for E&C remains strong, we lower our rating to Neutral from BUY and also reduce our fair value estimate to $36 from $40 to account for a combination of lower estimates and multiple compression. Our revised FV estimate reflects a forward P/E of 19.7 times derived from a blended valuation approach that incorporates a reduced multiple assumption for the ag business.”

TRMB has been the subject of a number of other recent research reports. Analysts at Ned Davis Research upgraded shares of Trimble Navigation Limited from a “sell” rating to a “neutral” rating in a research note on Monday, May 12th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Trimble Navigation Limited in a research note on Wednesday, May 7th. They now have a $40.00 price target on the stock. Finally, analysts at MKM Partners raised their price target on shares of Trimble Navigation Limited from $38.00 to $41.00 in a research note on Monday, May 5th. They now have a “buy” rating on the stock. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $41.71.

Trimble Navigation Limited (NASDAQ:TRMB) traded up 0.67% on Wednesday, hitting $34.46. 345,422 shares of the company’s stock traded hands. Trimble Navigation Limited has a 52-week low of $24.90 and a 52-week high of $40.17. The stock’s 50-day moving average is $36.76 and its 200-day moving average is $36.45. The company has a market cap of $8.990 billion and a price-to-earnings ratio of 37.62. Trimble Navigation Limited also was the target of unusually large options trading activity on Wednesday. Investors acquired 6,517 put options on the stock. This represents an increase of 1,146% compared to the typical daily volume of 523 put options.

Trimble Navigation Limited (NASDAQ:TRMB) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.39 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.42 by $0.03. The company had revenue of $604.70 million for the quarter, compared to the consensus estimate of $618.20 million. During the same quarter last year, the company posted $0.38 earnings per share. Trimble Navigation Limited’s revenue was up 8.7% compared to the same quarter last year. Analysts expect that Trimble Navigation Limited will post $1.63 EPS for the current fiscal year.

Trimble Navigation Limited (NASDAQ:TRMB) provides technology solutions.

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