BMO Capital Raises Price Target on Kennametal (KMT) Following Analyst Day
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BMO Capital reiterated a Market Perform rating on Kennametal (NYSE: KMT), and raised the price target to $30.00 (from $27.00), after attending the company's analyst day. The company is working to eliminate 1,000 positions in fiscal 2017 and save over $100 million to right-size its SG&A and employee base. The restructuring programs are progressing better than expected. BMO raised fiscal 2017, 2018, and 2019 EPS estimates to $1.30, $1.70, and $2.00 from $1.25, $1.55, and $1.80.
Analyst Joel Tiss commented, "We attended Kennametal’s Analyst Day in Pittsburgh last week. Management detailed its simplification and reinvestment strategy aimed at dismantling structural impediments to achieve profitability levels that approach its larger competitors. The plan also includes refreshing manufacturing and product development to recapture lost share. Although Kennametal has an inconsistent history of achieving sometimes lofty goals, the current approach seems comprehensive and should move the company toward generating higher returns. Thus, it may be time to move Kennametal shares from the back burner and take a harder look."
Shares of Kennametal closed at $29.08 yesterday.
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