Mining equipment maker Joy Global Inc. ( JOY ) on Tuesday saw its price target raised by analysts at Goldman Sachs.
The firm said it lifted its price target for JOY (formerly JOYG until changing its symbol on Dec. 6) from $98 to $106 ahead of the company's upcoming fourth quarter earnings report. That new target suggests an 18% upside to the stock's Monday closing price of $89.65.
Goldman noted that it expects a 6% upside to the average Wall Street fourth quarter earnings estimate for JOY. The analyst also offered 2012 guidance of $7.15 to $7.70 per share, which is 3% above the consensus estimate.
Joy Global shares were unchanged in premarket trading Tuesday.
The Bottom Line
Shares of Joy Global ( JOY ) have a .78% dividend yield, based on last night's closing stock price of $89.65. The stock has technical support in the $80-$83 price area. If the shares can firm up, we see overhead resistance around the $94-$100 price levels.
Joy Global Inc. ( JOY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Created by Dividend.com