Raymond James upgraded Trimble to Outperform from Market Perform with a $65 price target following the majority divestiture of its agriculture business for $2B yesterday. The divestiture clears the leverage and ag distribution concerns that catalyzed the firm’s downgrade, the analyst tells investors in a research note. The firm says the the transaction “hits fast-forward” on its long-term favorable thesis on Trimble and its evolution to a more software/recurring revenue centric mix with accelerated growth, expanding margins and less cyclical revenue base.
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