Jefferies Lifts Price Target on Joy Global (JOY) Following Q1 Results; Keeps Hold Rating

Jefferies boosted its price target on Hold-rated Joy Global (NYSE: JOY) from $90 to $95 following Q1 EPS of $1.26, which was below their estimate $1.30 and consensus of $1.35. In-line revenues were offset by modestly weaker underground margins versus the consensus estimates, the firm said.

Concerns over near term pressure in underground were a factor in Jefferies' Feb 8 downgrade of JOY.

On the plus side, book-to-bill of 1.3x was ahead of their 1.1x forecast. 2012 EPS guidance was increased to $7.40-$7.80 versus the prior forecast of $7.00-$7.40 and compares the consensus of $7.41.

Jefferies raised FY12 EPS from $7.10 to $7.55 and FY13 from $8.05 to $8.40.

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 $86.96 yesterday.

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