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Upgrade Alert for Kennametal (KMT)

By David Diaz

Kennametal (NYSE:KMT) was upgraded from Neutral to Buy at SunTrust today. The stock closed yesterday at $43.01 on volume of 502,000 shares, below average daily volume of 754,000.

Kennametal has overhead space with shares priced $43.01, or 15.9% below the average consensus analyst price target of $51.17. The stock should run into initial resistance at its 200-day moving average (MA) of $44.74 and subsequent resistance at its 50-day MA of $48.89.

In the past 52 weeks, Kennametal share prices have been bracketed by a low of $35.49 and a high of $52.37 and closed yesterday at $43.01, 21% above that low price. The 200-day and 50-day moving averages have moved 0.33% higher and 0.89% lower over the past week, respectively.

Kennametal Inc. manufactures, purchases, and distributes tools, tooling systems, and solutions to the metalworking, mining, oil, and energy industries. The Company also manufactures and distributes wear-resistant parts for a wide range of industries. Kennametal operates worldwide.

SmarTrend recommended that its subscribers protect gains by selling shares of Kennametal on January 24th, 2014 by issuing a Downtrend alert when the shares were trading at $47.99. Since that call, shares of Kennametal have fallen 10.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades kennametal

Ticker(s): KMT