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UPDATE: Morgan Stanley Initiates Coverage on Joy Global After Catalysts Taken Off Table

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In a report published Thursday, Morgan Stanley analyst Nicole DeBlase initiated coverage on Joy Global (NYSE: JOY) with an Equal-Weight rating and $47.00 price target.

In the report, Morgan Stanley noted, “Returning more cash to shareholders is the right strategy, but this catalyst has been taken off the table for now following last week's $1bn authorization announcement. Moreover, we see further risk to the Mining CapEx cycle within our proprietary analysis. Initiate at EW.”

Joy Global closed on Wednesday at $49.90.

Latest Ratings for JOY

DateFirmActionFromTo
Oct 2016CL KingDowngradesBuyNeutral
Sep 2016BairdDowngradesOutperformNeutral
Jul 2016BB&T CapitalUpgradesUnderperformHold

View More Analyst Ratings for JOY
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Posted-In: Morgan Stanley Nicole DeblaseAnalyst Color Initiation Analyst Ratings

 

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