Jefferies Raises Joy Global Price Target to $65 (JOYG)
After Joy Global (NASDAQ: JOYG) reported third quarter earnings that beat consensus estimates, Jefferies & Co. raised its Price Target on the stock to $65 from $63. Jefferies maintains a Hold rating on the stock.
Joy Global reported 3Q10 earnings of $1.13, which were above Jefferies $1.05 estimate and consensus of $1.02. Margin strength accounted for $0.04 of the beat with a favorable tax rate making up the remainder.
Jefferies analysts note that "Management highlighted increased investment by mining companies globally for both brownfield expansions and greenfield opportunities. Miners are increasing capital outlays, which should continue to provide strength for OE and aftermarket sales through 2011."
Joy Global Inc. is a manufacturer and servicer of mining equipment for the extraction of coal and other minerals and ores. Shares are higher by more than 3.7% this afternoon, to $62.41.
