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Fly News Breaks for April 3, 2019
KMT
Apr 3, 2019 | 07:08 EDT
Barclays analyst Julian Mitchell upgraded Kennametal to Overweight from Equal Weight and raised his price target for the shares to $44 from $38. The company's sales have been slowing for 18 months, but that it is now "near trough," Mitchell tells investors in a research note. Kennametal is trading at a 17% discount on price-to-earnings, relative to the comparable point of its prior upturns, adds the analyst. Further, Mitchell believes Kennametal is executing well on its modernization program, "for which investors appear to be giving no credit."
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