KeyBanc Upgrades Ratings on Bucyrus (BUCY) and Joy Global (JOYG) to Buy
BUCY Hot Sheet
Rating Summary:0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
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."
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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