UPDATE: Goldman Sachs Initiates Kennametal with Neutral on Limited Visibility

In a report published Monday, Goldman Sachs analyst Samuel H. Eisner initiated coverage on Kennametal KMT with a Neutral rating and $43.00 price target. In the report, Goldman Sachs noted, “We initiate coverage of KMT with a Neutral rating and a $43, 12-month price target. While we believe that we are on the cusp of increased manufacturing activity domestically, we believe that end market constraints for KMT (principally from mining) will limit the company's participation, in our view. As the company has gone through a destocking period and an associated curtailment in production, we believe visibility remains limited.” Kennametal closed on Friday at $38.83.