UPDATE: Wedbush Upgrades Lindsay to Outperform
Wedbush raises its rating on Lindsay Corp (NYSE: LNN) from Neutral to Outperform and maintains its existing price target at $65 per share. Upgrade reflect favorable backdrop for irrigation.
Wedbush notes, "A stronger backdrop for global agriculture and demands for more efficient irrigation systems helped drive a 68% increase in irrigation sales (intl +71%), exceeding our estimates. Though U.S. irrigation sales may be subject to uncertainty, the underlying drivers for FY2012 and beyond remain intact. Given the better than expected results and pullback in shares, we believe the risk/reward tradeoff is sufficiently attractive."
LNN closed at $52.50 per share on Wednesday.
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