UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Joy Global Ahead of Expected Lowered Forecasts

In a report published Thursday, Jefferies analyst Stephen Volkmann reiterated a Hold rating on

, 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.