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Fly News Breaks for December 1, 2015
JOY
Dec 1, 2015 | 06:32 EDT
BofA/Merrill downgraded Joy Global to Underperform and a $10 price target on shares. The firm made another reduction in 2016 and 2017 estimates, 33%-50% below consensus, and said the global coal and industrial outlook remains bleak. Additionally, BofA/Merrill expects another devalue of the China RMB and for the dividend to eventually be eliminated.
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