UPDATE: JP Morgan Cuts PT to $72 on Joy Global on Lower 2012 Outlook
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
|Dec 2015||Bank of America||Downgrades||Neutral||Underperform|
|Oct 2015||BB&T Capital||Downgrades||Hold||Underweight|
|Oct 2015||Avondale Partners||Initiates Coverage on||Market Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.