By Market News Video Staff, Tuesday, November 16, 2:19 PM ET
Mining equipment maker Joy Global (JOYG) is trading lower today after several downgrades following Caterpillar’s (NYSE:CAT) announcement yesterday that it would buy mining equipment firm Bucyrus (BUCY). Both downgrades were based on valuation as the Caterpillar acquisition has driven up the stock price of Joy Global. Sterne Agee cut its rating from buy to neutral, with a price target of $82 while Morgan Stanley (NYSE:MS) downgraded the stock from equal weight to underweight, but hiked its price target to $71 from $64.
Susquehanna bucked the trend today as it initiated coverage of the stock with a positive rating, and a $91 price target, calling the company “best-of-breed.”
Joy Global shares were falling on Tuesday, losing more than 4% today.
At 7.65%, Joy Global is one of the top holdings in the Coal ETF (AMEX:KOL), trading lower by 3% this afternoon. Other U.S.-listed top holdings include Peabody Energy (NYSE:BTU) at 8.06% of the fund and Consol Energy (NYSE:CNX) 7.72% of the fund.
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