Demand for mining equipment has seen Barclays Capital upgrade its earnings forecast and share price target for Bucyrus International.
The mining equipment company doubled its market recently when it bought Terex mining’s equipment division for $1.3bn.
Barclays Capital analyst Andy Kaplowitz said the company’s revenue this year would meet or exceed 2009’s revenue.
“Bucyrus shares, which stood at $62.68 on 4 January 2010, are expected to increase to $73,” Kaplowitz said.
“Bucyrus will earn an estimated $3.55 per share, up from $2.90, for 2010 and $4.30, up from $3.55, in 2011.”