Seaport Global Securities Downgrades Kennametal (KMT) to Neutral
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Seaport Global Securities downgraded Kennametal (NYSE: KMT) from Accumulate to Neutral with a price target of $28 (unchanged).
Analyst Walt Liptak said, "We believe that KMT management has done an admirable job in cutting costs to mitigate the slowdown in its cutting tool end markets. However, we believe that the stock price is fairly valued following its recent advance. We are lowering our rating due to valuation. KMT is trading at a 2017E EV/EBITDA multiple of 10.6x and P/E of 22.4x. We have not changed our price target or estimates."
Shares of Kennametal closed at $28.58 yesterday.
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