UPDATE: Jefferies Downgrades Joy Global (JOY) to Hold On Valuation

Jefferies downgraded Joy Global (NYSE: JOY) from Buy to Hold with a price target of $90 (down from $100).

The firm comments, "We are downgrading the shares of JOY to Hold from Buy as the company has essentially met our price target. JOY stock has appreciated nearly 50% since the October lows. We trim our EPS estimates and price target slightly to account for potential negative margin mix as high-margin CAPP underground parts and service revenues could face some near-term challenges."

For an analyst ratings summary and ratings history on Joy Global click here. For more ratings news on Joy Global click here.

Shares of Joy Global closed at $89.70 yesterday, with a 52 week range of $72.59-$96.00.

---

Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!

You May Also Be Interested In

• UPDATE: UBS Downgrades Wisconsin Energy (WEC) to Neutral; Taking Some Off The Table
• Stocks with Implied Volatility Movement; PCX JOY
• Joy Global Announces Fiscal Second Quarter 2012 Earnings Release and Conference Call Information

Create E-mail Alert Related Categories

Downgrades

Related Entities

Jefferies & Co

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?

Follow StreetInsider.com On Twitter