UPDATE: Morgan Stanley Initiates Coverage on Joy Global with Equal-Weight Rating, $47 PT After Catalyst is Taken Off Table

In a report published Thursday, Morgan Stanley analyst Nicole DeBlase initiated coverage on

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.