UBS analyst Steven Fisher lowered his estimates for Joy Global following the company's Q3 earnings miss, saying he believes $2.8B in revenues could be hard to hit next year if the staus quo is maintained in commodity markets. Fisher said it "may be tempting to call the bottom," but warns that several headwinds remain, including rising natural gas use in U.S. electricity production, slower growth in China, customer capex reduction and some bankruptcies among Joy's coal customers. The analyst keeps a Neutral rating on the stock, noting that Joy is actively managing the downturn, but lowered his price target on shares to $20 from $40.