Boenning & Scattergood announces investment opinion: Initiates coverage of Lindsay Manufacturing with a Market Outperform rating and a $40 target.WEST CONSHOHOCKEN, Pa. -- Boenning & Scattergood initiates coverage of Lindsay Manufacturing Lindsay Manufacturing Co. (NYSE: LNN) is a Nebraska-based manufacturer of center pivot irrigation systems, most notably under the "Zimmatic" brand name. Founded in 1955 in Lindsay, Lindsay Manufacturing currently employs about 650 people. Company (NYSE NYSE See: New York Stock Exchange :LNN LNN London News Network LNN Lotus Notes Network LNN Willoughby, Ohio (Airport Code) LNN Lions News Network (Lions Clubs) LNN Luthor News Network (Superman) ) with a Market Outperform market outperform An analyst recommendation that a stock is expected to outperform the overall market. rating and a 12-month price target of $40. Lindsay Manufacturing designs, manufactures and markets self-propelled center pivot, lateral move and hose reel A hose reel is a length of hollow plastic or rubber with a nozzle on one end that connects to a water supply. Hose reels are used to move water from one place to another. irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. systems, principally under the Zimmatic brand. Boenning & Scattergood believes that LNN will outperform the market over the next 12 months for the following reasons: * Lindsay's core irrigation products business is poised to benefit from the trend toward more efficient water usage by the agricultural industry and is also well positioned as the ethanol industry's appetite for corn grows. * The company is wisely investing in its infrastructure business to help smooth out the often pronounced cyclical swings of its core irrigation market. * LNN boasts strong financials and attractive valuations versus its peers. About Boenning & Scattergood Founded in 1914, Boenning & Scattergood, Inc. is the oldest independently owned investment securities firm in the Philadelphia region. The firm offers a full compliment of investment services to institutional, retail and corporate clients, including research, sales, trading, investment banking and public finance. For more information, please visit www.boenninginc.com. This release is neither an offer to sell nor a solicitation to buy any securities mentioned herein. Please refer to the full report, which is available upon request, for additional details and disclosures. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion