UPDATE: Piper Jaffray Lowers PT on Trimble Navigation to $44

Piper Jaffray is out with its report today on Trimble Navigation (NASDAQ: TRMB), lowering its PT from $52 to $44.

In its report, Piper Jaffray writes, "3Q EPS guidance matched consensus; we are lifting our FY11 EPS estimate by the 2Q beat and our FY12 estimate to $2.46. Our price target, however, moves to $44 as we believe macro concerns are likely to limit multiple expansion."

Piper Jaffray maintains Neutral on TRMB.

At the time of posting, shares of TRMB were trading at $38.97, up 17.80% from Tuesday's close.