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Fly News Breaks for April 25, 2016
CAT, JOY
Apr 25, 2016 | 05:44 EDT
Goldman Sachs analyst Jerry Revich upgraded both Caterpillar (CAT) and Joy Global (JOY) to Neural from Sell after raising his Machinery coverage view to Neutral from Cautious. The sustained recovery in China construction, which has driven iron ore spot 20% higher since February, was unexpected, Revich tells investors in a research note. This could drive a recovery in machinery share of mining capex, the analyst contends. Revich raised his price target for Joy Global to $24 from $13.
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