Piper Jaffray & Co. Initiates Coverage on Lindsay Corporation (LNN) with a Buy
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Piper Jaffray & Co. initiates coverage on Lindsay Corporation (NYSE: LNN) with a Buy. Price target $100.
Piper analyst says, "We believe that LNN is poised to deliver 20%+ sales growth and 35% EPS growth in FY09 as demand for efficient irrigation equipment benefits from increasing needs for crop yield in this high commodity price environment...Based on our recent visit to the Farm Progress Show, we believe that Lindsay's unique integrated solution of monitoring/control technology demonstrates the yield enhancement and payback of its irrigation equipment which is 2-3 years at current crop prices...International expansion provides significant growth potential (32% of FY07 sales) as penetration rates for center pivot irrigation equipment remain very low. Lindsay will open its first manufacturing facility in China within the next 12 months...We believe that steel price increases to offset higher input costs are being passed through fluidly, providing support to margins."
Lindsay Corporation (Lindsay) is a designer and manufacturer of self-propelled center pivot and lateral move irrigation systems, which are used in the agricultural industry to stabilize crop production while conserving water, energy, and labor.
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