KeyBanc Maintains a 'Buy' on Kennametal (KMT); Lowers PT & Estimates

KeyBanc maintains a 'Buy' on Kennametal (NYSE: KMT) price target lowered $2 to $46.00.

KeyBanc analyst says, "KMT's revenue and earnings profile is clearly dependent on the pace of global industrial production growth, and given our aforementioned concerns, we found it prudent to take a slightly more cautious approach to the model. We are reducing our FY12 and FY13 EPS estimates to $3.71 (previously $3.80) and $4.34 (previously $4.43), and our new price target represents 12.4x and 10.6x our FY12 and FY13 estimates, respectively."

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 $37.97 yesterday.

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