Joy Global target raised to $60 at Barclays on improving aftermarket demand

Barclays raised its target price for Joy Global (JOY -0.6%) to $60 from $56, seeing JOY's mixed FQ1 results as reflective of mining end markets that are still bottoming, but better than expected bookings in the quarter could be a sign of gradually improving aftermarket demand (

The firm is encouraged that JOY raised the bottom end of its FY 2014 EPS guidance by $0.10, which could indicate better visibility towards aftermarket demand and improving cost structure later this year.

Although mining markets could remain muted, JOY's aftermarket business could pick up as miners who have prolonged their rebuild cycle in recent years will need to service aging equipment.

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