UPDATE: J.P. Morgan Lowers Price Target on Kennametal to $45

According to J.P. Morgan, Kennametal (NYSE: KMT) price target is lowered to $45.

J.P. Morgan said that it attended KMT's annual analyst meeting where management remained very bullish on the outlook for a broad array of end markets. “We maintain our Neutral rating and establish a YE 2012 price target of $45. Our $45 price target represents an in-line machinery multiple of 12x our CY'12 EPS estimate of $3.75.”

Kennametal closed yesterday at $32.80.

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