UPDATE: Barrington Research Downgrades Kennametal to Market Perform on Underperforming Organic Orders
Barrington Research reduces its rating on Kennametal (NYSE: KMT) from Outperform to Market Perform.
Barrington Research notes, "We are lowering our investment rating on KMT's shares to MARKET PERFORM from OUTPERFORM rating following what we view lower-thanexpected May 2012 organic orders. While we still believe that KMT is emerging as a high-quality, diversified industrial company, global economic and industrial slowing is causing orders to go negative. We previously had forecast that KMT's orders would remain in the 3-4% range (similar to the previous cycle). We are lowering our Q4/12 and 2013 EPS estimates."
KMT closed at $32.82 on Wednesday.
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Tags: Barrington Research