BMO defends Joy Global despite ~75% decline In 2015
- Shares of Joy Global Inc. JOY 1.77%
have declined 72.01 percent year-to-date, falling to a low of $11.19 on December 14. - BMO Capital Markets’ Joel Tiss has maintained an Outperform rating on the company, while lowering the price target from $21 to $16.
- Despite the huge year-to-date decline and the stock down 85 percent from its all-time high, Tiss believes that Joy Global’s equity value is almost equal to its inventory levels.
Analyst Joel Tiss mentioned that Joy Global reported its FY4Q EPS ahead of the estimate, although the FY2016 sales and EPS guidance was well below the FY2015 levels.
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