Joy Global (JOY) is Upgraded by FBR Capital to Mkt Perform, Lowers Price Target to $10

Joy Global (JOY) is Upgraded by FBR Capital to Mkt Perform according to the research report released to the investors. The Brokerage Firm has Lowered the Price Target of the company shares to $10 from a previous price target of $14 . Earlier the firm had a rating of Underperform on the company shares. The shares recommendation by the Brokerage Firm was released on Dec-22-2015.

Shares of Joy Global Inc. (NYSE:JOY) ended Thursday session in red amid volatile trading. The shares closed down 0.29 points or 2.38% at $11.87 with 7,581,692 shares getting traded. Post opening the session at $11.91, the shares hit an intraday low of $11.87 and an intraday high of $12.5 and the price vacillated in this range throughout the day. The company has a market cap of $1,157 million and the number of outstanding shares has been calculated to be 97,474,578 shares. The 52-week high of Joy Global Inc. (NYSE:JOY) is $49.02 and the 52-week low is $10.42.

During the last several months other analysts have commented on the company rating. In the latest statement by the brokerage house, Bank of America downgrades its outlook on Joy Global Inc. (NYSE:JOY). The current rating of the shares is Underperform, according to the research report released by the firm. Previously, the company had a rating of Neutral. The brokerage firm announces the price target at $10 per share. The rating by the firm was issued on December 1, 2015.

Research firm Zacks has rated Joy Global Inc. (NYSE:JOY) and has ranked it at 5, indicating that for the short term the shares are a strong sell. 17 Wall Street analysts have given the company an average rating of 2.88. The shares has received a hold rating based on the suggestion from 10 analysts in latest recommendations. 2 brokerage houses have given a strong sell on the shares. 1 market expert has a sell on the stock. Strong buy was given by 3 Wall Street Analysts. The company had a buy rating from 1 analysts.

Joy Global Inc. (NYSE:JOY): According to 13 Analysts, The short term target price has been estimated at $ 19.15.The target price could deviate by a maximum of $5.18 from the forecast price. In the near term, the target price could hit a high of $26 and a low of $ 10.

Joy Global, Inc. has lost 4.66% in the last five trading days and dropped 21.23% in the last 4 weeks. Joy Global, Inc. has dropped 31.35% during the last 3-month period . Year-to-Date the stock performance stands at -74%.

Joy Global Inc. is a manufacturer and servicer of high productivity mining equipment for the extraction of coal and other minerals and ores. The Company’s equipment is used in mining regions throughout the world to mine coal, copper, iron ore, oil sands, and other minerals. The Company’s underground mining machinery segment (Joy Mining Machinery) is a manufacturer of underground mining equipment for the extraction of coal and other bedded minerals and offers service locations near mining regions worldwide. The Company’s surface mining equipment segment (P&H Mining Equipment) is a producer of surface mining equipment for the extraction of ores and minerals and provides operational support for many types of equipment used in surface mining. In June 2014, the Company purchased certain assets of Mining Technologies International Inc.