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Joy Global (JOY) Stock Spikes on Goldman Upgrade

NEW YORK (TheStreet) -- Joy Global (JOY - Get Report) shares are jumping 2.77% to $21.14 on Monday morning after Goldman Sachs boosted its rating to "neutral" from "sell" and raised its price target to $24 from $13.

In a note issued to investors yesterday, analysts pointed out that there are signs of a China recovery, leading the firm to be more confident on the machinery group's future.

"We estimate 70% upside to new equipment capex if spot commodity prices are sustained," analysts noted.

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