Barclays analyst Robert Wertheimer upgraded Joy Global (JOY) to Overweight after raising his rating on the U.S. Machinery Industry to Neutral from Negative. The aftermarket portion of Joy's mining operation has "substantial value" if enough costs can be taken out, Wertheimer tells investors in a research note. He believes sentiment for the sector is at or near a bottom and keeps a $14 price target for the shares. Wertheimer remains positive on shares of Allison Transmission (ALSN) and United Rentals (URI).

"We are reaffirming our full year 2024 guidance provided to the market on February 13. Allison expects 2024 Net Sales in the range of $3,050 to $3,150 million, Net Income in the range of $635 to $685 million, Adjusted EBITDA in the range of $1,070 to $1,130 million, Net Cash Provided by Operating Activities in the range of $700 to $760 million, Capital Expenditures in the range of $125 to $135 million, and Adjusted Free Cash Flow in the range of $575 to $625 million."

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Previous view $14.65B-$15.15B.

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