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Wedbush Securities Reiterates Neutral, Lowers PT On Lindsay Following Steeper-Than-Expected Decline


In a report published Friday, Wedbush Securities analyst David L. Rose reiterated a Neutral rating on Lindsay Corporation (NYSE: LNN), but lowered the price target from $74.00 to $68.00.

In the report, Wedbush Securities noted, "A steeper-than-expected decline in the irrigation market is placing greater pressure on both revenues and operating margins. Owing to dramatically lower commodity prices, lower net farm income, and a likely pull-forward from previous years' droughts, LNN is experiencing lower sales, negative mix-shift, competitive pricing, and operating deleverage compounded by negative FX headwinds. Although we believe the long-term drivers for water efficiency are still intact, there aren't any signs of a turn in this down cycle, and we would remain on the sidelines for now."

Lindsay closed on Thursday at $74.70.

Latest Ratings for LNN

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

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Posted-In: David L. Rose Wedbush SecuritiesAnalyst Color Price Target Analyst Ratings

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