UPDATE: Barrington Research Upgrades Kennametal to Outperform on Organic Order Trends
Barrington Research raised its rating on Kennametal (NYSE: KMT) from Market Perform to Outperform and moved its price target to $42 per share.
Barrington Research noted, "Our investment thesis has changed following the October organic orders, which improved slightly from September. October organic orders declined 6%, which was a modest improvement from the decline of 7% in September. KMT commented that a negative impact from Hurricane Sandy may have been a slight negative during October. … Continued sequential order improvement could result in Q2/13 sales and EPS upside. In our view, KMT is a high quality company that has improved its cost structure and return characteristics."
Kennametal closed at $35.39 on Tuesday.
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