NEW YORK (TheStreet) -- Shares of Joy Global Inc (JOY) are gaining, up 5.9% to $44.51 on heavy volume in afternoon trading Monday, following the company's higher rating by analysts at Robert W. Baird this morning.
The firm upgraded Joy Global to "outperform" from "neutral", saying the worst may be over for the commodity deflation cycle.
Baird also raised its price target on Joy Global shares to $62 from $45.
Similarly, the firm upgraded shares of Caterpillar (CAT) to "outperform" from "neutral" with a higher price target of $101.
About 2.06 million shares of Joy Global have exchanged hands as of 1:12 p.m. ET today, compared to its average trading volume of about 1.63 million shares a day.
Joy Global is a manufacturer and servicer of high productivity mining equipment for the extraction of coal and other minerals and ores.
The company is based in Milwaukee, Wis.
Separately, 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 largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."