- Lindsay (LNN -3.1%) is downgraded to Sell from Hold with a $64 price target at Stifel, which cites continued negative dealer sentiment over the next 12 months and turbulent international markets.
- Domestic irrigation sales for FY 2017 are now expected to fall ~5% vs. a previous estimate for 2% growth; also, economic activity and funding in other important irrigation markets such as Russia, Ukraine and China remains a risk.
- The firm also believes consensus forecasts for revenue growth of 3.8% and EPS growth of 20.4% in FY 2017 are too high - it expects a 2% revenue decline and EPS growth of 2% - but adds that its Sell rating is cyclically, not structurally, driven.