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Jefferies Upgrades Kennametal (KMT) to Buy

May 4, 2015 7:11 AM EDT
Get Alerts KMT Hot Sheet
Price: $24.76 -0.4%

Rating Summary:
    6 Buy, 9 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 10 | New: 11
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Jefferies upgraded Kennametal (NYSE: KMT) from Hold to Buy with a price target of $45.00 (from $35.00), citing a significant "self-help" opportunity. The analyst cites the new CEO on Dec. 31 and expects broad changes to be implemented with further details coming as early as this Tuesday (5/5).

Analyst Stephen Volkmann commented, "KMT is one of the few companies in our coverage with a significant selfhelp opportunity despite softer end markets and currency headwinds. We are upgrading the shares to Buy as KMT embarks on a plan to restructure both its portfolio and its operations to prepare for the next upturn. Further details could be announced as early as the F3Q earnings report."

The firm trimmed FY 2015 EPS from $1.95 to $1.90 and raised FY 2016 EPS from $2.35 to $2.40.

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 $35.26 yesterday.



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