Upgrade Alert for Kennametal (KMT)
Kennametal (NYSE:KMT) was upgraded from Neutral to Overweight at JP Morgan today. The stock closed yesterday at $42.94 on volume of 663,000 shares, above average daily volume of 652,000.
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.
In the past 52 weeks, Kennametal share prices have been bracketed by a low of $30.65 and a high of $47.82 and closed yesterday at $42.94, 40% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.
Based on a current price of $42.94, Kennametal is currently 1.5% above its average consensus analyst price target of $42.31. The stock should discover initial support at its 50-day moving average (MA) of $38.04 and subsequent support at its 200-day MA of $37.68.
SmarTrend recommended that subscribers consider buying shares of Kennametal on December 5th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $38.40. Since that recommendation, shares of Kennametal have risen 11.8%. We continue to monitor KMT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades kennametal