Piper Jaffray Maintains an 'Underweight' on Lindsay Corp (LNN); Lowers PT & Estimates

Piper Jaffray & Co. maintains an 'Underweight' rating on Lindsay Corp (NYSE: LNN), price target lowered from $32 to $29.

Piper analyst says, "We are maintaining our cautious stance to LNN shares. We believe valuations still do not reflect the reality that a return to prior peak earnings ($3.20/share in FY08) is unlikely to occur quickly. Over the past decade, LNN has averaged EPS of $1.15/share – implying that current earnings levels should be considered normal as opposed to depressed...We are encouraged by the stabilization in the backlog as compared to last quarter, albeit still down 53% y/y, but we do not anticipate order activity to improve materially for the foreseeable future given the uncertainty in farm income levels & road construction funding...4Q results fell well shy of PJC & consensus estimates and we are reducing our FY10 EPS to $1.13 to incorporate the continuation of challenging business conditions."

To see more analyst ratings on LNN Click Here.

Lindsay Corporation manufactures and sells automated agricultural irrigation systems that enhance or stabilize crop production while conserving water, energy, and labor.

You May Also Be Interested In

• Goldman Sachs Boosts Numbers on PVH Corp (PVH) After Q1 Beat
• BMO Capital on NetApp (NTAP): Could Attract Interested Parties At These Levels; Prefers EMC
• Needham & Company Reiterates a 'Buy' on IXYS Corp (IXYS); Slower Growth, But Margins Higher

Create E-mail Alert Related Categories

Analyst Comments

Related Entities

Piper Jaffray

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?

Follow StreetInsider.com On Twitter