UPDATE: Jefferies Downgrades Joy Global (JOY) to Hold On Valuation

Jefferies downgraded Joy Global (NYSE: JOY) from Buy to Hold with a price target of $90 (down from $100).

The firm comments, "We are downgrading the shares of JOY to Hold from Buy as the company has essentially met our price target. JOY stock has appreciated nearly 50% since the October lows. We trim our EPS estimates and price target slightly to account for potential negative margin mix as high-margin CAPP underground parts and service revenues could face some near-term challenges."

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 $89.70 yesterday.

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