Seaport Global Securities Downgrades Kadant Inc. (KAI) to Neutral
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Seaport Global Securities downgraded Kadant Inc. (NYSE: KAI) from Accumulate to Neutral with a price target of $58.00.
Analyst Walt Liptak commented, "KAI's 2016 outlook was lowered by management due to weakness in the North American aftermarket parts sales business. KAI's parts business is one of the key factors helping the company to grow. We expect that KAI's aftermarket parts business will become more stable in future periods. However, we are lowering our 2016 and 2017 EPS estimate to $2.99 from $3.04 and $3.25 from $3.30, respectively, due to lower aftermarket sales. We are lowering our rating to Neutral from Accumulate due to valuation and our lower EPS forecast. We are maintaining our $58 price target, which equates to a 2017 P/E of 17.9x and EV/EBITDA of 10.2x. At $58 per share, we believe that KAI's valuation would be in line with the industrial group."
Shares of Kadant Inc. closed at $55.88 yesterday.
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