Kadant price target raised to $360 from $300 at Barrington

Barrington analyst Gary Prestopino raised the firm’s price target on Kadant to $360 from $300 and keeps an Outperform rating on the shares following quarterly results and in line guidance for 2024. The firm notes that sustained high aftermarket demand led to better-than-expected Q4/23 results as capital activity in the quarter softened. In 2024, Kadant expects industrial demand to stabilize at current levels, while macroeconomic headwinds are creating uncertainty with capital equipment product timing. Q1 will be weaker than the remaining quarters of 2024 due to the timing of capital projects.