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Fly News Breaks for March 2, 2015
JOY
Mar 2, 2015 | 07:37 EDT
BofA/Merrill downgraded Joy Global to Neutral ahead of the March 5 report given challenging end markets. The firm expects consensus estimates to continue to move lower based on the weaker start to the year, deteriorating order trends, and FX headwinds. BofA/Merrill expects Joy to accelerate cost cutting but needs to do more capacity right-sizing and SG&A in order to sustain trough earnings. Price target cut to $47 from $55.
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