Trimble Navigation's stock fell sharply by 5.01% during intraday trading on Wednesday, as the company faced downward price target revisions from several major financial institutions.
Analysts from Wolfe Research made the most significant adjustment, slashing their price target on Trimble to $80 from $100 while maintaining an Outperform rating. Simultaneously, KeyBanc Capital reduced its target to $94 from $99, and Baird lowered its target to $90 from $95, though both firms maintained positive ratings on the stock.
Despite these reductions, the consensus analyst rating for Trimble remains a buy with a mean price target of $93.83, according to FactSet data. The simultaneous price target cuts from multiple analysts appear to have driven the significant sell-off in Trimble shares during the trading session.