Barclays Maintains an 'Overweight' on Joy Global (JOYG); FY2Q11 Review: Strong Quarter Reinforces Longer Term Earnings/Backlog Upside

Barclays maintains an 'Overweight' on Joy Global (NASDAQ: JOYG), PT raised from $111 to $114.

Barclays analyst says, "Despite high investor expectations heading into the quarter, JOYG delivered a strong FY2Q11 result, which beat on metrics across the board and further strengthens our bullish outlook for sustained backlog/earnings growth. Bookings came in well above our expectations ($1.5bn vs. our $1.2bn), and while we think some investors anticipated a near-term lull in mining capex investment, management's commentary was generally positive and it seemed confident that customers are continuing to push forward with projects and planned investment (although the timing of new awards is still expected to be lumpy)." (Barclays raises FY11 EPS estimate from $5.40 to $5.60 to $6.50 to $6.70)

For more ratings news on Joy Global click here and for the rating history of Joy Global click here.

Shares of Joy Global closed at $90.51 yesterday.

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