Lindsay slides on William Blair downgrade

Shares of Lindsay (LNN -4.5%) slide after William Blair downgrades the irrigation system maker to Perform from Outperform, citing declining agricultural commodity prices and lower crop demand.

FQ3 irrigation revenues grew 34.3% to $201M. Management had noted, "The impact of drought conditions that had favorably impacted irrigation demand over the past twelve months has been diminished by rainfall throughout the Midwest ... Irrigation equipment demand for 2014 and beyond is currently unclear and will be driven by farmer sentiment and influenced by weather conditions, commodity prices, stock-to-use ratios, and farm income potential."

Lindsay believes growth opportunities will instead come from "international markets, where irrigation use is significantly less developed, and demand is driven primarily by food security, water scarcity and population growth." (10-Q)

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