Jefferies Maintains a 'Hold' on Joy Global (JOY); Cutting Estimates on Soft Orders

Jefferies maintains a 'Hold' on Joy Global (NYSE: JOY) price target of $50.00 (from $55.00).

Analyst, Stephen Volkmann, said, "We are lowering our F2013 and F2014 estimates significantly on a notably lower revenue outlook as orders have begun to decline and mining projects globally get pushed out. On the expectation of a book-to-bill of less than 0.9x for F2012 we are assuming an 8% base revenue decline in F2013 and only marginal improvement in F2014 driving our reduced EPS targets of $6.40 and $6.45, respectively (prior: $7.50 and $8.00)."

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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