Kennametal downgraded to Hold from Buy at Jefferies

Jefferies downgraded Kennametal (KMT) to Hold from Buy with an unchanged price target of $47.50. The firm cites valuation for the downgrade with the shares up over 50% year-to-date. Consensus estimates now more fully capture both the industrial “green shoots” and the positive impact from tungsten pricing, the analyst tells investors in a research note. Jefferies now sees a more balanced risk/reward for Kennametal shares.