J.P. Morgan Maintains Joy Global Neutral, Lowers PT

J.P. Morgan maintained its Joy Global

Neutral rating and lowered its Joy Global price target from $97 to $85 in a research report published today. In the report, J.P. Morgan states, "Management expects sluggish growth until the global macro environment improves with customers focused on strategic expansion plans and lower cost producers will likely prevail over higher cost competitors. Given the uncertainty for capex spending for FY'13+, we expect the stock to trade in line with the group as headline macro data is likely to remain the primary catalyst in the near term." Shares of Joy Global were trading at $74.63 at the time of posting, down 11.77% from Tuesday's market close.