Lindsay Corp slides on Stifel downgrade to 'neutral'

Lindsay

15/09/2023 18:37

** Shares of agricultural irrigation equipment maker Lindsay
Corp  LNN.N  fall 10.14% at $114.86 after Stifel downgrades
stock 
    ** Stock on course for biggest single-day percentage loss
since April 2023 
    ** Stifel downgrades co to "neutral" from "buy", cuts PT to
$135 from $146 on lack of positive catalysts and challenging
near-term outlook 
    ** Brokerage surveys 50 of Lindsay equipment's domestic
dealers, now expects equipment volumes over the next 12 months
to decline by 0.8% vs. previously expected 0.7%  
    ** Dealers don't see equipment demand ramping post-harvest
season due to market uncertainties and inflation - Stifel
    ** All five analysts covering the stock rate it "hold";
median PT at $131.50 
    ** Co amongst the top 5 losers on the NYSE Composite index
as of 13:25 pm ET 
    ** LNN down 29.48% YTD 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))