Boenning & Scattergood announces investment opinion: Initiates coverage of Lindsay Manufacturing with a Market Outperform rating and a $40 target

Business Wire, Nov 17, 2006

WEST CONSHOHOCKEN, Pa. -- Boenning & Scattergood initiates coverage of Lindsay Manufacturing Company (NYSE:LNN) with a Market Outperform rating and a 12-month price target of $40. Lindsay Manufacturing designs, manufactures and markets self-propelled center pivot, lateral move and hose reel irrigation 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.