Trimble Navigation Shares Get Boost From Upgrade

NEW YORK (AP) — Shares of Trimble Navigation Ltd. jumped Tuesday after Wedbush Morgan upgraded the GPS-technology company on signs of modestly improving demand.

"The wheels are no longer coming off Trimble, though the market environment remains challenging," Wedbush analyst Scott Sutherland wrote in a note to clients.

Sutherland lifted his rating to "Hold" from "Sell" and boosted his price target to $21 from $15.

Sutherland said new opportunities for GPS devices are arising from the Chinese government's infrastructure spending, and confidence in the economy is improving among farmers as commodity prices rise.

Shares climbed $1.54, or 7.3 percent, to $22.66 in afternoon trading. The stock has ranged from $11.96 to $60.68 over the past year.