UPDATE: Raymond James Downgrades Joy Global to Market Perform, Lowers PT

In a report published Monday, Raymond James downgraded its rating on Joy Global

from Outperform to Market Perform, and lowered its price target from $77.50 to $67.00. Raymond James noted, “The outlook for Joy's main end market, US Coal, has grown increasingly glum since we launched coverage on the company in November with natural gas prices now trading at ~$3.50/mcf down from ~$4.00/mcf. A large part of our bullish stance on Joy's stock was predicated on a bottoming out of US Coal markets as higher gas prices would lead to a reversal of coal-to-gas switching. However, as per a recent note out by our RJA Energy team, uncooperative weather has kept gas prices sufficiently low to reduce expectations for a meaningful reversal in coal to gas switching . Joy Global closed on Friday at $63.26.