Credit Suisse Reiterates Neutral Rating, Lowers Price Target On Kennametal Following Q2 Earnings - Kennametal (NYSE:KMT)

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In a report published Friday, Credit Suisse analyst Julian Mitchell reiterated a Neutral rating on

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Kennametal

(NYSE: KMT), but lowered the price target from $41.00 to $34.00.In the report, Credit Suisse noted, “Following Q2 earnings, we lower our EPS estimates, and our TP to $34 (from $41). In our report last August, we highlighted three items that we thought a new CEO should look to re-calibrate, and we heard clear evidence that all three are indeed a major focus for Don Nolan. Given uncertainty though on the timing of the self-help at KMT, and the potentially severe headwinds from the downturn in Mining and Oil & Gas markets in FY16, our rating remains Neutral.”Kennametal closed on Thursday at $31.84.