Bucyrus International surges on analyst upgrade
DENVER (AP) — Shares of Bucyrus International Inc. surged Monday after Barclays Capital raised its earnings forecasts and share price target for the mining equipment maker, citing a recent acquisition and improved customer demand.
Shares of Bucyrus rose $5.60, or 10 percent, to $61.97 in afternoon trading.
Bucyrus, based in South Milwaukee, Wis., said last month it will double its market with the purchase of Terex Corp.’s mining equipment division for $1.3 billion.
In a research note Monday, Barclays Capital analyst Andy Kaplowitz predicted Bucyrus’ revenue in 2010 will meet or surpass last year’s total.
Kaplowitz now estimates Bucyrus will earn $3.55 per share, up from $2.90, for 2010 and $4.30, up from $3.55, in 2011, and its share price will hit $73, up from $64.