Zacks Investment Research upgraded shares of Lindsay Corporation (LNN) from NEUTRAL to OUTPERFORM on January 25, 2013, with a target price of $112.00.
Lindsay reported first-quarter 2013 earnings per share of $1.15, comprehensively beating the Zacks Consensus Estimate of 75 cents and increasing 92% from last year's adjusted 60 cents. The increase in earnings was led by higher demand for domestic irrigation systems, expansion in irrigation margins, strong pricing environment and fixed cost leverage on higher sales. Revenues improved 24% year over year to $147.4 million, ahead of the Zacks Consensus Estimate of $130 million. The company's backlog increased 61% year over year, led by the U.S. irrigation order strength. Lindsay expects long-term demand to remain high, driven by increased food production and greater emphasis on efficient water use. Hence, we have upgraded our recommendation from Neutral to Outperform with a target price of $112.00.
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