Trimble price target raised to $72 from $65 at Oppenheimer

Oppenheimer raised the firm’s price target on Trimble to $72 from $65 and keeps an Outperform rating on the shares. The firm’s investor meetings with CEO, Rob Painter, highlighted Trimble’s transformation after 30-plus years of growth through acquisitions. Its next phase of growth will be driven by the business model evolution from discrete products to systems solutions, with the ability to sustain a significant portion of ARR growth within its existing customer base. Trimble is also making it easier for customers to do business with it by realigning its go-to-market from product-based to account-based sales, which Oppenheimer believes can drive bottom-line re-acceleration as sales efficiency improves. The firm thinks the company has a long runway of incremental catalysts, including closing the AGCO JV, delevering/buybacks, resegmentation, continued portfolio refinement, and its second half of 2024 investor day.