Jefferies Upgrades Joy Global to “Buy”; Top-Line Outlook Robust (JOYG)

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Mining equipment maker Joy Global Inc. ( JOYG ) on Monday caught a big upgrade from analysts at Jefferies & Co.

The firm said it boosted its rating on JOYG from "Hold" to "Buy" while lifting its price target from $95 to $100. That new target suggests a 27% upside to the stock's Friday closing price of $78.82.

A Jefferies analyst commented, "We are upgrading shares of JOYG to Buy from Hold as valuation has pulled back significantly and the top-line outlook remains robust, in our view. JOYG has among the highest margins and returns in the machinery space and will be a key beneficiary of the re-capacitization of the mining sector."

Joy Global shares rose 93 cents, or +1.2%, in premarket trading Monday.

The Bottom Line
Shares of Joy Global ( JOYG ) have a .89% dividend yield, based on Friday's closing stock price of $78.82. The stock has technical support in the $70 price area. If the shares can firm up, we see overhead resistance around the $82-$85 price levels.

Joy Global Inc. ( JOYG ) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: JOYG

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