UPDATE: Piper Jaffray Lowers PT on Lindsay Corporation to $56

Piper Jaffray has published a research report on Lindsay Corporation

and has lowered the price target from $61 to $56. In the report, Piper Jaffray writes, "We are maintaining our Neutral rating on LNN shares following the market's sour reaction to the company's strong 1Q12 results. Similar to recent results and guidance from farm machinery makers DE and AGCO, the market is clearly discounting better-than-expected near-term sales and earnings in the ag equipment space. With Lindsay's quarter-end backlog contracting y/y (~flat ex-QMB segment), we expect sales growth to moderate through the balance of FY12, off robust levels in recent quarters. We are projecting that sales in U.S. irrigation will contract in FY13. We are lowering our FY13 EPS estimate to $3.31 and our price target moves to $56 from $61." Piper Jaffray maintains its Neutral rating on Lindsay, which closed today at $52.50.