Seeking Alpha

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 (Briefing.com).
  • 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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