Joy Global adds to gains as BofA upgrades shares to Buy

|About: Joy Global Inc. (JOY)|By:, SA News Editor

Joy Global (JOY+1.1% premarket, following up on yesterday's 6.7% gain after reporting better than expected FQ2 earnings.

Shares are upgraded to Buy from Neutral with a $70 price target at BofA/Merrill, which says it was encouraged by the increase in the company's service bookings despite a brutal coal operating environment.

JOY's aftermarket business (70% of sales) is putting a floor under earnings, BofA says, and aftermarket orders were up 10% for the second quarter in a row.

RBC raises its target price on JOY to $67 from $62.