Kennametal price target raised to $21 from $20 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Kennametal (KMT) to $21 from $20 and keeps an Equal Weight rating on the shares. The firm, which made model adjustments among its Machinery and Construction coverage, also took note of several indicators, including that in construction the Dodge Momentum Index increased 0.9% month-over-month in April; that in aggregates and cement the Mortgage Bankers Association reported that mortgage applications increased 11.0% from one week earlier; and that in agriculture, Purdue University’s April Farmer Sentiment Index rose 8 points from the previous month.