UPDATE: Stifel Nicolaus Initiates Hold on Lindsay Corporation

In a research note, Stifel Nicolaus initiates coverage on Lindsay Corporation LNN with a hold rating on its shares due to lower fracas on 2012 net farm income. According to Stifel, “We forecast lower EPS in FY12 of $2.95 vs. FY11 adj. EPS of $3.02, followed by a 1.1% increase in FY13 EPS to $2.98 as Lindsay's served end markets provide no significant catalyst looking ahead. Each end market is either winding down from cyclical highs or are forecast to produce moderate growth over the next three years. We forecast that strong FCF could produce a net cash position over $17 per share in three years.” LNN closed at $59.47 on Monday.