UPDATE: Morgan Stanley Initiates Coverage on Joy Global After Catalysts Taken Off Table
In a report published Thursday, Morgan Stanley analyst Nicole DeBlase initiated coverage on Joy Global (NYSE: JOY) with an Equal-Weight rating and $47.00 price target.
In the report, Morgan Stanley noted, “Returning more cash to shareholders is the right strategy, but this catalyst has been taken off the table for now following last week's $1bn authorization announcement. Moreover, we see further risk to the Mining CapEx cycle within our proprietary analysis. Initiate at EW.”
Joy Global closed on Wednesday at $49.90.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.