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.
Latest Ratings for JOY
|Jan 2015||RBC Capital||Downgrades||Outperform||Sector Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.