UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Kennametal

In a report published Friday, Jefferies & Company reiterated its Hold rating on Kennametal

, and raised its price target from $34.00 to $38.00. Jefferies noted, “We see more downside than upside risk in 4Q machinery earnings, and we continue to recommend a defensive short-term stance. Extended production shutdowns and inventory destocking has been prevalent through the quarter and into 2013. We are generally below consensus in the near term and worry that stocks appear overbought +10+% vs the S&P500 since the October lows despite no material improvement in fundamentals.” Kennametal closed on Thursday at $42.10.