UPDATE: Jefferies Upgrades Joy Global to Buy, PT Raised to $100

A report from Jefferies states that it has raised the price target from $95 to $100 and upgraded the rating to Buy on Joy Global JOYG. Jefferies writes, “We are upgrading shares of JOYG to Buy from Hold as valuation has pulled back significantly and the top-line outlook remains robust, in our view. JOYG has among the highest margins and returns in the machinery space and will be a key beneficiary of the re-capacitization of the mining sector." JOYG closed yesterday at $78.82.