UPDATE: Janney Capital Downgrades Trimble Navigation Limited

In a note released Wednesday, Janney Capital analyst Ryan Connors downgraded shares of Trimble Navigation (NASDAQ: TRMB) from Buy to Neutral and lowered the price target from $40 to $36.

Shares are down over eight percent in Wednesday's trading.

Connors says the company's precision agriculture business has matured, which slows growth while making it more volatile. Furthermore, he noted that the precision business is cyclical, not secular, and the company's field solutions unit has posted flat to declining revenues for four of the last five quarters.