UPDATE: Piper Jaffray Upgrades Joy Global to Overweight; China Coal Headwinds Passing

Piper Jaffray upgraded Joy Global Inc. JOY from Neutral to Overweight and reduced the price target from $63.00 to $84.00. Piper Jaffray noted, "We are upgrading to Overweight following meetings with JOY and 2 other companies in China's coal industry. Global coal prices are depressed thanks to slower economic growth and the availability of cheap shale gas (hence our expectation that OE orders will decline 13% in FY13). However, these concerns are old news. Chinese coal demand remains the key to an eventual recovery, and after our meetings in China we have higher conviction that a revival in Chinese demand will materialize. This gives us faith in our estimates, which imply a return to OE bookings growth by early FY14." Joy Global closed at $66.97 on Monday.