UPDATE: Wedbush Securities Reiterates Neutral Rating, Lowers PT on Lindsay Corporation Following Steeper-Than-Expected Decline

In a report published Friday, Wedbush Securities analyst David L. Rose reiterated a Neutral rating on

, but lowered the price target from $74.00 to $68.00. In the report, Wedbush Securities noted, "A steeper-than-expected decline in the irrigation market is placing greater pressure on both revenues and operating margins. Owing to dramatically lower commodity prices, lower net farm income, and a likely pull-forward from previous years' droughts, LNN is experiencing lower sales, negative mix-shift, competitive pricing, and operating deleverage compounded by negative FX headwinds. Although we believe the long-term drivers for water efficiency are still intact, there aren't any signs of a turn in this down cycle, and we would remain on the sidelines for now." Lindsay Corporation closed on Thursday at $74.70.