Lindsay downgraded to Hold at Stifel after irrigation dealer survey

As previously reported, Stifel downgraded Lindsay to Hold from Buy with a price target of $135, down from $146. After having recently completed a survey of 50 of Lindsay’s domestic irrigation dealers, the firm said that network sentiment was largely unchanged from its prior survey with volume now expected to be down 0.8% over the next 12 months. Dealers reported domestic volume down 1.9%, with prices up 0.9%, over the past three months, added the analyst, who sees Lindsay faced with a challenging near term outlook and “a lack of positive catalysts.”