UPDATE: Barrington Research Upgrades Kennametal on Adjusted Estimates
In a report published Friday, Barrington Research analyst Rudolf A. Hokanson upgraded Kennametal (NYSE: KMT) from Market Perform to Outperform, and named a $45.00 price target.
In the report, Barrington Research noted, “We are raising our recommendation on KMT to OUTPERFORM from MARKET PERFORM. We are setting a price target on Kennametal at $45 per share by June 2014. We adjusted our fourth fiscal quarter estimate to $0.72 per share from $0.70, but given rounding we retain our $2.46 estimate for FY/13 (June). We are making a small adjustment to our EPS estimate for FY/14 to $3.00 from $3.10 and establishing our earnings estimate of $3.60 for FY/15. Kennametal's mission is delivering productivity to customers seeking peak performance in demanding environments by providing innovative custom and standard wear-resistant solutions. Organic growth comes with innovation and product development. Brand and channel strategies are enhancing organic growth as are emerging markets, especially China, India and Brazil. Growing their share of supplying product and services for customers' needs as well growing services and expanding globally also contribute to KMT's organic growth. The company is always open to new technical platforms.”
Kennametal closed on Thursday at $39.12.
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