Joy Global (NASDAQ:JOYG) Backlog, Earnings Growth Solid for Years

Assuming growth continues in the mining sector, Joy Global (NASDAQ:JOYG) has several strong years ahead of them, based on backlog and resultant earnings.

Barclays (NYSE:BCS) said, "After meeting with JOYG management, we continue to believe that JOYG's mining equipment business could enjoy several more years of backlog/earnings growth as visibility regarding both aftermarket and original equipment demand seems significantly higher than usual (but assuming no new recession in the near to medium term). Moreover, given a solid demand backdrop and an internal efficiency drive, we continue to see a high probability for JOYG to meet or beat our margin forecasts despite what we expect to be slowly increasing competition from Caterpillar (NYSE:CAT)/Bucyrus (Nasdaq:BUCY)."

Barclays reiterates an "Overweight" on Joy Global, which closed Wednesday at $86.75, down $0.84, or 0.96 percent. Barclays raised their price target on them from $96 to $102.

Caterpillar closed at $94.57, down $0.06, or 0.06 percent. Bucyrus closed at $89.40, down $0.05, or 0.06 percent.