KeyBanc Upgrades Ratings on Bucyrus (BUCY) and Joy Global (JOYG) to Buy
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KeyBanc upgrades ratings on Bucyrus International, Inc. (NASDAQ: BUCY) and Joy Global Inc. (NASDAQ: JOYG) from HOLD to BUY with respective price targets of $40 and $48.
KeyBanc analyst says, "In our view, over the coming months the global economy is likely to experience either: 1) increasing stability and demand; or 2) inflation-driven increases in commodity prices. We believe either or both of those outcomes would provide a positive catalyst for the respective shares. Despite widespread expectations for a slow recovery and a general sense of caution stemming from the speed of demand destruction over the past nine months, we believe evidence exists to suggest a gradually improving outlook, as the negative rate-of-change in the economy appears to be decelerating."
"We are maintaining our respective FY09 and FY10 estimates for BUCY of $3.10 and $1.65. BUCY is trading at 7.7x our FY09 estimate and 14.4x our FY10 estimate...We are also maintaining our respective FY09 and FY10 estimates of $3.32 and $1.98 for JOYG. JOYG is trading at 8.8x our FY09 estimate and 14.8x our FY10 estimate."
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