Wedbush Downgrades Lindsay Corporation (LNN); Shares Benefit from Drought Conditions - Current Level Less Attractive

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Wedbush downgraded Lindsay Corporation (NYSE: LNN) from Outperform to Neutral with a price target of $71.00.

Analyst, David L. Rose, said, "As extreme drought conditions have driven commodity prices higher, it appears LNN shares now reflect the increased possibility FY2013 irrigation sales will exceed 2012’s record levels, a view which has already been reflected in our earnings model. However, given the substantial appreciation in shares (+34.0% versus +6.8% of the Russell 2000 since our upgrade on 12/22/2011) and continued uncertainty, the risk/reward at current levels is less attractive."

FY12 EPS estimate raised from $3.70 to $3.74.

For an analyst ratings summary and ratings history on Lindsay Corporation click here. For more ratings news on Lindsay Corporation click here.

Shares of Lindsay Corporation closed at $73.24 yesterday, with a 52 week range of $46.03-$74.40.

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