Trimble upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research upgraded Trimble (TRMB) to Outperform from Peer Perform with a $90 price target Management has divested the company’s more macro-sensitive and underperforming Ag and mobility business as they align their focus on faster-growing segments that have better margin expansion opportunities, says the analyst, who notes that new long-term targets presented at the company’s recent investor day show improved visibility into how strong execution, a more focused go-to-market motion, and a meaningful cross-sell opportunity will translate into ARR growth in the low-to-mid-teens through 2027. Management’s outlook de-risks FY25 Street estimates with “potential for upside,” the analyst tells investors.