KeyBanc Upgrades Joy Global (JOY) to Buy; Risks Priced In, Valuation Now Compelling

KeyBanc upgraded Joy Global (NYSE: JOY) from Hold to Buy with a price target of $90.00.

KeyBanc analyst said, "Upgrade reflecting our view that global commodity production (ex-domestic coal) remains on solid footing and the risk/reward is compelling at these levels. To be clear, we acknowledge the tangible and sentiment-based risks surrounding growth concerns in China and the outlook for domestic coal production."

KeyBanc's analyst does note that tangible and sentiment-based risks still hover around growth in China and domestically, but these risks are already priced in.

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 $74.21 yesterday.

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