Barclays Maintains an 'Overweight' on Joy Global (JOYG); FY4Q11 Preview: Still Like JOY Despite Macro Uncertainty

Barclays maintains an 'Overweight' on Joy Global (NASDAQ: JOYG) price target of $112.00.

Barclays analyst said, "JOY continues to be one of our favorite Machinery names, given a still positive outlook for mining capex growth, solid backlog, and ongoing internal improvement opportunities. We think JOY remains well placed to benefit from what we believe is secular growth in its mining end market, a strong backlog, and ongoing opportunities for operating improvements including synergies from the LeTourneau acquisition."

"Strength in new bookings has led to robust backlog, and is likely to continue. JOY has reported strong orders in recent quarters, including near-record orders in the legacy JOY business in F3Q11. We model $1.3b in 4Q bookings for legacy JOY resulting in backlog growth, and while booking rates could slow down a bit as customers assess slowing emerging markets, we think any slowing is likely to be temporary...JOY is expected to provide initial FY12 EPS guidance, which we expect could bracket consensus of $7.19."

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 $89.65 yesterday.

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