Market Overview

UPDATE: JP Morgan Lowers PT to $36 on Kennametal

Share:
Related KMT
Benzinga's Top Upgrades, Downgrades For August 17, 2017
The Market In 5 Minutes

JP Morgan reiterated its Neutral rating on Kennametal (NYSE: KMT) and lowered its price target from $40 to $36.

JP Morgan said, "he company had an unusual quarter as YA distributors were stocking Widia products and destocked legacy brands, so comparables were tough. Pricing remains rational in the market place and management will not use pricing to liquidate inventories, which were higher than expected. In our view, demand may improve sequentially as we move through KMT's fiscal year but the comparables are very tough through FQ3 at least, making the 35%/65% split and the mid teen margins appear overly optimistic."

Kennametal closed at $36.91 on Tuesday.

Latest Ratings for KMT

DateFirmActionFromTo
Aug 2017JP MorganUpgradesNeutralOverweight
Aug 2017Wells FargoUpgradesMarket PerformOutperform
Feb 2017JP MorganUpgradesUnderweightNeutral

View More Analyst Ratings for KMT
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (KMT)

View Comments and Join the Discussion!
Loading...

Partner Center

Loading...