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Joy Global adds to gains as BofA upgrades shares to Buy

  • 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.
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Comments (4)
  • PalmDesertRat
    , contributor
    Comments (2823) | Send Message
     
    It always amazes me to see "experts" upgrade a stock when it's hitting new highs. Whatever happened to buy low, sell high?

     

    Took some JOY profits off the table today at 62.40
    6 Jun, 09:57 AM Reply Like
  • jokes21
    , contributor
    Comments (33) | Send Message
     
    "encouraged by the increase in the company's service bookings"

     

    Thought bookings fell over 7% Y/Y? So sales down, earnings down, demand down, but we're supposed to go out and buy the stock. OK thanks for the sage advice.
    6 Jun, 10:03 AM Reply Like
  • CornStove
    , contributor
    Comments (101) | Send Message
     
    JOY is able to "sell" Analysts that they have everything under control and the prospects are good DESPITE the fact they are losing both revenues and profits. It is a great lesson in investor relations for other publicly-owned companies to follow.
    6 Jun, 10:06 AM Reply Like
  • BGDD
    , contributor
    Comments (128) | Send Message
     
    Generally speaking it pays to do the opposite of what analyst recommends: http://bit.ly/1lbiCs3
    6 Jun, 11:00 AM Reply Like
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