UPDATE: Jefferies Downgrades Joy Global to Hold

Jefferies cuts its rating on Joy Global (NASDAQ: JOY) to Hold from Buy and lowers its price target by $10 to $90 as the company reaches fair valuation.

Jefferies comments, "We are downgrading the shares of JOY to Hold from Buy as the company has essentially met our price target. JOY stock has appreciated nearly 50% since the October lows. We trim our EPS estimates and price target slightly to account for potential negative margin mix as high-margin CAPP underground parts and service revenues could face some near-term challenges."

JOY closed at $89.70 a share on Wednesday.