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

In a report published Monday, Wedbush Securities downgraded its rating on Lindsay Corporation 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.