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UPDATE: Piper Jaffray Raises PT on Lindsay Corporation on Healthy 2Q Upside

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In a report published Wednesday, Piper Jaffray analyst Michael E. Cox reiterated a Neutral rating on Lindsay Corporation (NYSE: LNN), and raised the price target from $92.00 to $94.00.

In the report, Cox noted, “LNN shares sold off today despite reporting healthy 2Q upside driven by domestic & international irrigation and a backlog that would support continued strong sales & earnings growth in 2H13. Investors seem fixated on management's commentary around potential order pull-forward and the prospect for lower grain prices to weigh on demand next year. The debate around the size of this year's corn crop – and resulting lower price of corn – is unlikely to be resolved in the near-term, especially since this year's crop has yet to be planted. However, we believe fundamentals are likely to surprise positively over the next two quarters as LNN delivers on a large Middle East irrigation order and the Golden Gate Bridge barrier project. Our rating remains Neutral as we believe the risk/reward is balanced considering our $94 price target.”

Lindsay Corporation closed on Tuesday at $92.37.

Latest Ratings for LNN

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

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