NEW YORK (TheStreet) -- Heavy-machinery equities were on the move Tuesday, with shares of mining-gear specialists pacing the gains.
An analyst from UBS lifted his price target on
stock to $55 from $42, citing Chinese plans to continue boosting steel production. This would help the coal-mining industry, which, in turn, would help Joy Global.
The Milwaukee company's stock closed Tuesday's regular session at $49.54, up $1.99, or 4.2%, on average volume.
Shares of the company's crosstown peer,
, gained even more. It ended the day at $37.13, up $2.25, or 6.5%.
shares rose 3.6%, or $1.88, to $54.34, despite posting
Among other names, construction-equipment maker
saw its stock jump $2.25, or 6.5%, to $37.13, while shares of farm-equipment maker Deere rose $1.30, or nearly 3%, to $46.18.
-- Written by Scott Eden in New York
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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.