Seaport Global Securities Upgrades Kadant Inc. (KAI) to Buy
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Seaport Global Securities upgraded Kadant Inc. (NYSE: KAI) from Neutral to Buy with a price target of $58 (unchanged).
Analyst Walt Liptak said, "In our view, the recent pullback in KAI's stock following its Q2:16 earnings release is a buying opportunity. We expect that KAI's consumer-facing sectors will be stable over the next twelve months. Additionally, we believe that KAI will continue to develop its growth strategy, which includes increasing sales in the high margin spares and consumables business, developing new return-based products, focusing on higher growth emerging economies, leveraging low cost manufacturing and executing on strategic M&A. We have made no changes to our estimates or price target."
Shares of Kadant Inc. closed at $51.39 yesterday.
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