Kennametal price target lowered to $19 from $22.50 at BofA

BofA lowered the firm’s price target on Kennametal (KMT) to $19 from $22.50 and keeps an Underperform rating on the shares. The firm sees a “challenging set up” into earnings in the Machinery, E&C, and Waste sector as a “lose-lose” situation could emerge, the analyst tells investors. According to BofA, either firms will cut guidance due to uncertainty or risk appearing out of touch with the reality of the situation. The firm is lowering price targets in the sector and is leaning more into services – such as aggregates, rentals, and waste – over original equipment manufacturers.