Market Overview

UPDATE: JP Morgan Cuts PT to $72 on Joy Global on Lower 2012 Outlook

Related JOY
Stocks Hitting 52-Week Lows
Commodity Value Decline Hurt Joy Global, Wall Street Opinions Mixed

JP Morgan reduces its price target from $85 to $72 on Joy Global (NYSE: JOY). Rating on shares remains at Neutral.

JP Morgan comments, "JOY (N) posted an upside FQ2 earnings report, and lowered its FY'12 outlook; the stock is down 5.0% vs. S&P down 0.2%, despite the anticipated EPS revision. The company reported FQ2 EPS of $2.04 vs. consensus of $1.96 and reported FQ2 revenue of $1.54B vs. consensus of $1.44B (up 24% to $1.06B ex-acquisitions; +45% total). Bookings were down 25% sequentially to $1.01B excluding LeTourneau & IMM, and down 14% sequentially including acquisitions, and management noted that FQ2 bookings reflect the expected decline in OE demand in the U.S., but also the normal lumpiness in timing of international projects. We remain Neutral, despite the compelling valuation, at least until sentiment on U.S. coal fundamentals improves."

JOY closed at $55.92 on Thursday.

Latest Ratings for JOY

Mar 2015CitigroupMaintainsNeutral
Mar 2015Deutsche BankMaintainsHold
Mar 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for JOY
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings


Related Articles (JOY)

Around the Web, We're Loving...