Goldman Sachs Maintains a 'Buy/Top Value Idea' on Joy Global (JOY); Adjusting Estimates & PT
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Price: $28.30 --0%
Rating Summary:
3 Buy, 19 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 19 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Goldman Sachs maintains a 'Buy' on Joy Global (NYSE: JOY) price target of $82.00 (from $85.00).
Analyst, Jerry Revich, said, "JOY remains our top value idea as we believe (1) aftermarket demand (53% of JOY) will prove resilient in the face of sharp mining capex cuts, (2) the stock is at a classic cyclical inflection point, trading at a trough multiple on trough earnings amid clear market capitulation, and (3) JOY’s leading returns and cash generation build equity value even at the trough."
However, Revich, lowers FY12/14 estimates, citing decline in equipment sales and global mining capex (Along with the debate surrounding the company's aftermarket business). FY12 EPS estimate cut from $7.47 to $7.21, FY13 from $7.50 to $6.55 and FY14 from $8.05 to $7.38.
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 $54.43 yesterday.
Analyst, Jerry Revich, said, "JOY remains our top value idea as we believe (1) aftermarket demand (53% of JOY) will prove resilient in the face of sharp mining capex cuts, (2) the stock is at a classic cyclical inflection point, trading at a trough multiple on trough earnings amid clear market capitulation, and (3) JOY’s leading returns and cash generation build equity value even at the trough."
However, Revich, lowers FY12/14 estimates, citing decline in equipment sales and global mining capex (Along with the debate surrounding the company's aftermarket business). FY12 EPS estimate cut from $7.47 to $7.21, FY13 from $7.50 to $6.55 and FY14 from $8.05 to $7.38.
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 $54.43 yesterday.
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