UPDATE: Jefferies Lowers PT on Joy Global Ahead of Expected Lowered Forecasts
In a report published Thursday, Jefferies analyst Stephen Volkmann reiterated a Hold rating on Joy Global (NYSE: JOY), but lowered the price target from $60.00 to $47.00.
In the report, Jefferies noted, “We maintain our Hold rating as we believe forecasts will continue to be reset lower to better match the multi-year, double-digit declines in miner capital spend. Based on the current order rates we are lowering our 2014/2015 revenue outlooks; offset partially by share repurchases starting in F2014. We believe a meaningful upturn before 2016 is unlikely.”
Joy Global closed on Thursday at $48.89.
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