Trimble price target raised to $59 from $58 at JPMorgan

JPMorgan raised the firm’s price target on Trimble to $59 from $58 and keeps a Neutral rating on the shares after hosting investor meetings with management. The meetings suggest the risk of a downward revision to estimates for the second half of 2023 is low as destocking headwinds are inflecting, the analyst tells investors in a research note. The firm believes this “points to tactical upside” into the upcoming Q3 earnings print given low investor expectations.