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Fly News Breaks for April 15, 2016
JOY
Apr 15, 2016 | 07:57 EDT
After traveling with Joy Global's CEO Ed Doheny, Baird analyst Mircea Dobre said Doheny sounded confident in the ability to achieve $100M in cost savings and believes revenues will eventually recover to over $4B, albeit in about five years. Dobre believes that investor sentiment is shifting positively for Joy and that large coal bankruptcies are actually a "counterintuitive positive catalyst," since they will clear debt overhangs. The analyst raised his price target on Joy shares to $25 from $19 and keeps an Outperform rating on the name.
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