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Legg Mason Cuts Joy Global and Bucyrus

Legg Mason cuts Joy Global (JOYG) and Bucyrus International (BUCY) to sell from hold.

Analyst Barry Bannister said that standing in front of a good story on Joy Global is his view that commodities and demand for equipment could consolidate if the Fed overshoots raising rates again as it did in '94 to '95. He values Joy Global at $39 within a short time horizon based on discounted fiscal year 2008 (ending October) earnings per share, p-e model. He foresees brewing cyclical weakness in Bucyrus's key end market minerals that may cause him to adjust 2006 earnings per share estimates. He's cautious regarding Bucyrus's capacity, sequentially decelerating backlog, margins, and, to extent, orders. He values Bucyrus at $40.

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