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Fly News Breaks for December 30, 2015
JOY
Dec 30, 2015 | 08:01 EDT
BMO Capital cut its price target on Joy Global after the company provided lower than expected fiscal 2016 guidance. However, the firm notes that the company's equity value is roughly in-line with that of its inventories, and the firm has confidence in Joy's management. Moreover, BMO says that copper's supply/demand balance has improved, while Joy is making aggressive pushes in areas that have growth potential. BMO keeps an Outperform rating on the shares.
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