Piper Jaffray reiterates an Underweight rating on Lindsay Corporation (NYSE: LNN), and raised the price target to $74.00 (from $65.00), following 3Q results. EPS of $1.10 beat Street estimates of $0.80. International revenues fell well below model due to unfavorable FX and weakness in sales for key end markets.

Analyst Brett Wong commented, "We are keeping our estimates intact but revising our price target following Lindsay's 3Q earnings release, where continued soft irrigation demand was offset by better than expected infrastructure sales and margins. With expectations of potentially lower grain prices, we believe that pivot demand will remain suppressed and pricing will likely continue to be under pressure as we move through FY16. Management is still uncertain of when we will see a recovery in ag and due to what seems to be limited visibility, QMB project lumpiness, and a lack of a longer-term highway bill, which we expect more modest infrastructure growth next year compared to FY15 (excluding GGB). Using the 5-year average forward P/E multiple of 19x our PT moves to $74 (plus EOY15 cash) and we believe the current multiple is at risk given the expected weak fundamentals."

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Shares of Lindsay Corporation closed at $89.70 yesterday.