Zacks Investment Research upgraded shares of Lindsay Corporation (LNN) from UNDERPERFORM to NEUTRAL on February 13, 2014, with a target price of $96.00.
We are upgrading our recommendation on Lindsay from Underperform to Neutral, with a target price of $96.00. The company's earnings per share declined 31% year over year to $0.79 in the first quarter of fiscal 2014. Total revenue, on the other hand, remained flat year over year at $147.7 million. Lindsay will continue to benefit from its capital allocation plan, dividend hikes and strong backlog. The company has a strong balance sheet with no debt. Moreover, acquisitions and addition of new product lines will drive growth. However, lower expectations for U.S. irrigation sales in 2014 and lack of visibility into the primary selling season for irrigation equipment remain concerns.
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