Market Overview

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

Share:

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

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

Latest Ratings

StockFirmActionPT
URIVertical ResearchInitiates Coverage On310.0
PCARVertical ResearchInitiates Coverage On95.0
DEVertical ResearchInitiates Coverage On345.0
CNHIVertical ResearchInitiates Coverage On16.0
AGCOVertical ResearchInitiates Coverage On119.0
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