UBS analyst Steven Fisher double upgraded Kennametal to Buy from Sell with a price target of $42, up from $27. The analyst expects the company's earnings to bottom in fiscal 2020, followed by 63% earnings growth in fiscal 2021. Kennametal's organic declines have bottomed and historical interest rate patterns suggest a positive inflection to its short cycle fundamentals, Fisher tells investors in a research note. He believes the company is executing on its business improvement program and that the shares are not pricing in the sharp rebound in earnings.