UPDATE: Sterne Agee Raises PT on Joy Global to $98 (JOYG)

Sterne Agee is out with its report today on Joy Global

, raising its PT to $98. In a note to clients, Sterne Agee writes, "Our $98 target is based on our updated FY12E estimate of $6.20 (up from $6.00) and assumes shares trade at 15.8X earnings. Our 2011E estimate increases to $5.30 from $5.15. While we believe that JOYG's fundamentals are by and large positive for both original equipment and aftermarket given the large installed base and prospects for increased utilization, we maintain our Neutral rating primarily on valuation." At the time of posting, shares of JOYG were trading pre-market at $95.05, up 0.77% from Wednesday's close.