NEW YORK (TheStreet) -- Jefferies lowered its price target for Joy Global (JOY) to $43 from $50 on Friday, reiterating its "hold" rating.

Shares of Joy Global were falling 1.4% to $39.40 Friday morning.

The analysts firm lowered its 2015 EPS estimates for the farm and construction equipment manufacturer to $2.45 from $3.25 a share. Jefferies analysts also lowered their 2016 and 2017 EPS estimates for Joy Global to $2.70 and $3.20 a share, down from $3.60 and $4.10 a share, respectively.

The lower estimates come a day after Joy Global lowered its 2015 EPS estimates to a range of $2.50 to $3 a share, down from $3.10 to $3.50 a share.

"JOY continues to manage what it can, but end market conditions remain difficult," Jefferies analysts wrote. "Investors may favor the lower end of reduced EPS guidance given the significant hockey stick JOY is forecasting for 2H. We remain cautious -- bookings were down 11% sequentially and down 19% y/y, which continues to support our forecast for an "L"-shaped recovery."

TheStreet Ratings team rates JOY GLOBAL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate JOY GLOBAL INC (JOY) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."

You can view the full analysis from the report here: JOY Ratings Report

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