Needham raises its Trimble price target

|By:, SA News Editor

Needham raises its price target from Trimble (NASDAQ:TRMB) by $3 to $45.

Needham cites the company’s strong Q3 results that included the best macro backdrop in five years. 

The firm sees Trimble heading for more growth in 2018 with potential M&A but cautions shares aren’t cheap at the current 26x CY18 NG EPS.   

Trimble shares closed Friday up 4.02% to $42.89.   

Previously: Trimble +4% after Q3 beats, upside guidance (Oct. 27)