Market Overview

UPDATE: Wedbush Downgrades Lindsay Corporation to Neutral, Names $71 PT

Share:

In a report published Monday, Wedbush Securities downgraded its rating on Lindsay Corporation (NYSE: LNN) from Outperform to Neutral, and named a price target of $71.00.

Wedbush noted, “We are reducing our rating on shares of Lindsay Corp to NEUTRAL from OUTPERFORM based on valuation. Extreme drought conditions and a substantial increase in commodity prices have created a strong backdrop for a healthy irrigation market into 2013. While variability in water supplies and increasing water challenges support our long-term thesis for Lindsay, we believe the shares are trading at near-peak forward P/E levels despite substantial uncertainty in next year's irrigation outlook. Although the shares may continue to appreciate as investors look to participate in the drought, we believe fundamentals suggest the upside is more limited. The shares have appreciated +34.0% since our upgrade on 12/22/2011 versus +6.8% of the Russell 2000 during the same time period.”

Lindsay Corporation closed on Friday at $73.24.

Latest Ratings for LNN

DateFirmActionFromTo
Oct 2020Monness Crespi HardtUpgradesSellNeutral
Jan 2020StifelMaintainsHold
Oct 2018Stifel NicolausMaintainsHoldHold

View More Analyst Ratings for LNN
View the Latest Analyst Ratings

 

Related Articles (LNN)

View Comments and Join the Discussion!

Posted-In: Wedbush SecuritiesAnalyst Color Downgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
PCTYJMP SecuritiesMaintains220.0
ADIBarclaysMaintains170.0
AMATBarclaysMaintains115.0
KMBRBC CapitalMaintains147.0
AZEKRBC CapitalMaintains50.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com