Kennametal price target lowered to $25 from $28 at BofA

BofA analyst Michael Feniger lowered the firm’s price target on Kennametal to $25 from $28 and keeps a Neutral rating on the shares. The firm sees a “no pain, no gain” theme as it looks towards 2024 in its Machinery, E&C and Waste coverage. More EPS “pain” in the near-term sets up a better risk/reward in 2024 for “some names,” but the firm has near-term caution on short-cycle names in the group, the analyst tells investors.