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.
Latest Ratings for KMT
|Aug 2015||Bank of America||Downgrades||Neutral||Underperform|
|Jul 2015||Credit Suisse||Maintains||Neutral|
|Jul 2015||Bank of America||Upgrades||Underperform||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.