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Downgrade Alert for Joy Global (JOY)

By Nick Russo

Joy Global (NYSE:JOY) was downgraded from Outperform to Market Perform at BMO Capital today. The stock closed yesterday at $28.19 on volume of 31.8 million shares, above average daily volume of 3.4 million.

Joy Global (NYSE:JOY) is currently priced 29.3% above its average consensus analyst price target of $19.95. Joy Global shares have support at the 50-day moving average (MA) of $17.02 and additional support at the 200-day MA of $16.52.

Joy Global Inc. manufactures and markets underground mining equipment and surface mining equipment. The Company's equipment is used for the extraction of ores and minerals.

In the past 52 weeks, Joy Global share prices have been bracketed by a low of $8.35 and a high of $44.75 and closed yesterday at $28.20, 238% above that low price. The 200-day and 50-day moving averages have moved 1.25% lower and 3.65% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Joy Global on June 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.21. Since that recommendation, shares of Joy Global have risen 22.6%. We continue to monitor JOY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Joy Global

Ticker(s): JOY