Jefferies Upgrades Kennametal (KMT) to Hold; Lowered Outlook on Energy & Mining
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Price: $40.42 --0%
Rating Summary:
9 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 2 | New: 2
Rating Summary:
9 Buy, 4 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 2 | New: 2
Trade KMT Now!
Jefferies upgraded Kennametal (NYSE: KMT) from Buy to Hold with a price target of $34.00 (from $50.00).
Analyst, Stephen Volkmann, said, "We are downgrading the shares of KMT to Hold and reducing our estimates on a lowered outlook for the company’s Energy (lower rig count) and Mining (coal production cuts) end markets as well as an expected headwind from inventory absorption in 2H12. While we believe the impact from these issues are short-term headwinds we believe that it will take several quarters to work out."
FY13 EPS estimates cut from $4.45 to $4.10 and FY14 from $4.95 to $4.60.
For an analyst ratings summary and ratings history on Kennametal click here. For more ratings news on Kennametal click here.
Shares of Kennametal closed at $33.64 yesterday, with a 52 week range of $29.30-$47.82.
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Analyst, Stephen Volkmann, said, "We are downgrading the shares of KMT to Hold and reducing our estimates on a lowered outlook for the company’s Energy (lower rig count) and Mining (coal production cuts) end markets as well as an expected headwind from inventory absorption in 2H12. While we believe the impact from these issues are short-term headwinds we believe that it will take several quarters to work out."
FY13 EPS estimates cut from $4.45 to $4.10 and FY14 from $4.95 to $4.60.
For an analyst ratings summary and ratings history on Kennametal click here. For more ratings news on Kennametal click here.
Shares of Kennametal closed at $33.64 yesterday, with a 52 week range of $29.30-$47.82.
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