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Investing.com - Stifel maintained its Hold rating and $136.00 price target on Lindsay Corporation (NYSE:LNN), a $1.5 billion market cap irrigation equipment manufacturer, following a recent survey of the company’s domestic irrigation dealers. This aligns with the broader analyst consensus of 2.5 (Hold) on InvestingPro, with the company currently trading at a P/E ratio of 19.7x.
The survey of 50 dealers revealed deteriorating sentiment in Lindsay’s network, with expected volume now projected to decline 2.4% over the next 12 months, compared to the previous forecast of a 1.2% decrease.
Dealers reported domestic volume fell 3.3% over the past three months, which represents Lindsay’s fiscal fourth quarter 2025. This decline was steeper than dealers had anticipated three months ago, when they projected a 1.1% year-over-year decrease for the quarter.
Stifel’s regression model, which has an R-Square of approximately 0.63, predicts fiscal fourth quarter 2025 domestic sales will drop 3.7% based on dealer responses, while Stifel’s own forecast anticipates a 10.0% decline.
Pricing growth decelerated slightly to 1.2% year-over-year compared to 1.5% in the previous survey, and only 36% of dealers expect additional price increases in the coming months, down from 51% in the prior survey.
In other recent news, Lindsay Corporation reported better-than-expected earnings and revenue in its latest quarter, driven by successful execution on a significant irrigation project in the Middle East and North Africa, as noted by Stifel. The company also announced a 3 percent increase in its quarterly cash dividend, raising it to $0.37 per share, which will be payable to shareholders on August 29, 2025. Additionally, Lindsay Corporation has appointed Jahidul H. Khandaker, the Chief Information Officer for GE HealthCare, to its Board of Directors. In a leadership transition, Senior Vice President and Chief Financial Officer Brian Ketcham plans to retire at the end of 2025, though he will remain as a consultant through 2026 to facilitate a smooth transition. William Blair has reiterated its Market Perform rating on the company, citing a lack of significant catalysts in the irrigation industry and expecting earnings to contract over the next year. Meanwhile, Stifel maintained its Hold rating and a price target of $136, emphasizing the company’s strong performance in international projects. These developments reflect ongoing changes and strategic moves within Lindsay Corporation.
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