Morgan Stanley's Mili Pothiwala reiterated Joy Global Inc (NYSE: JOY)'s Equal Weight rating and price target of $13.00.
The analyst thought it was "possible that management elects to lower guidance" in the near future after referencing Caterpillar Inc. (NYSE: CAT) lowering its resource industries segment guidance and its "cautious" European mining commentary recently.
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Due to the negative outlook from similar companies, the bounce in commodity prices has not been translating into results for Joy's industry, said Pothiwala. The analyst also acknowledged, however, "[E]arnings trends alone may not dictate the share price performance next week"
At time of writing, Joy Global was off 0.70 percent from its Thursday open of $17.32, trading at $17.01.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.