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Fly News Breaks for August 11, 2015
KMT
Aug 11, 2015 | 07:45 EDT
As previously reported, BofA/Merrill downgraded Kennametal to Underperform from Neutral. The firm said Kennametal's FY16 earnings outlook of $1.70-$2.00 was in-line with Street low expectations but is more second half weighted than expected. The firm reduced estimates below consensus and reduced its price target on shares to $27 from $34 and said industrial guidance looks optimistic.
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