UPDATE: Raymond James Initiates Coverage on Joy Global with Outperform Rating, $77.50 PT
In a report published Wednesday, Raymond James initiated coverage on Joy Global (NYSE: JOY) with an Outperform rating and a $77.50 price target.
Raymond James noted, “To account for some of the prevailing uncertainty in mining machinery demand and recent outlook reductions by its peers, we are taking a conservative approach to our forecasts. We are assuming lower than guided top-line growth resulting in a below consensus F2013E EPS forecast of $6.45. To arrive at our $77.50 target price, we use a 12.0x F2013E P/E multiple, in-line with Joy Global's comparable global equipment manufacturers and at the low end of its 10-year historical trading average.”
Joy Global closed on Tuesday at $63.72.
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