Recent coal bankruptcies from Peabody Energy and others actually are good news for Joy Global (JOY +4.4%) - indeed a counter-intuitive positive catalyst - Baird's Mircea Dobre and Joseph Grabowski claim.
The analysts say they take their cue from JOY CEO Ted Doheny, who told them that he views pre-filing behavior as “stressing equipment and suppliers” forcing suppliers to move to cash up front mode in some cases, while post-filing behavior is akin to “stabilization,” particularly when it comes to demand for service and parts, items directly related to current and future customer cash flow generation.
"The near term remains rocky but be brave... buy," the Baird pair says.
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