Global Hunter Securities Upgrades Kadant Inc. (KAI) to Accumulate
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Rating Summary:
2 Buy, 3 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 43
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Global Hunter Securities upgraded Kadant Inc. (NYSE: KAI) from Neutral to Accumulate with a price target of $47.00.
Analyst Walt Liptak said, "We are upgrading KAI to Accumulate from Neutral as we believe that a continuation of emerging market order growth in addition to strong North American growth will drive better earnings into 2015. KAI delivered above estimated EPS results, adjusted $0.74 vs. $0.69 consensus, with +32% bookings growth (+16% organic) led by Stock Prep equipment, +61%. Management lowered 2014 guidance by $10MM in revenues and $0.10 on the high and low end of prior guidance to account for delays in shipments to China. We are raising our price target to $42 from $37 based on 6.8x 2015E EV/EBITDA multiple and 14.0x 2015E P/E multiples, in line with peers."
For an analyst ratings summary and ratings history on Kadant Inc. click here. For more ratings news on Kadant Inc. click here.
Shares of Kadant Inc. closed at $38.61 yesterday.
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