UPDATE: Morgan Stanley Reiterates on Joy Global to Reflect A/M Order Stability
In a report published Tuesday, Morgan Stanley analyst Nicole DeBlase reiterated an Equal-Weight rating on Joy Global (NYSE: JOY), and raised the price target from $54.00 to $58.00.
In the report, Morgan Stanley noted, “The highlight of JOY's F1Q14 results was a return to positive Y/Y growth in Service orders, for the first time since 2012; this trumped 1Q margin weakness. We tweak our FY14e up by 8% to $3.31, but still see minimal EPS growth potential in 2015e. With limited upside to our new $58 PT, reiterate EW.”
Joy Global closed on Monday at $55.43.
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