Lindsay Corporation (LNN) is a leading manufacturer of self-propelled agricultural irrigation systems. The company stands to benefit in the long-term from the demand for increased food production driven by worldwide population growth, and the growing need for biofuels.

However, lower expected farm income and uncertainty surrounding reauthorization of the federal highway bill are adversely impacting the company’s incoming order rate. The near-term revenue visibility remains low for Lindsay.

The company does not expect substantial recovery in its end markets in fiscal 2010. We are downgrading the rating on the stock from Neutral to Underperform.

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