Kennametal price target raised to $24 from $23 at Loop Capital

Loop Capital raised the firm’s price target on Kennametal to $24 from $23 and keeps a Hold rating on the shares. The company’s Q3 results were generally in-line and its FY24 guidance calls for a “seasonal finish”, the analyst tells investors in a research note. Kennametal’s restructuring program remains on track to achieve run-rate savings of $35M exiting the year, but the firm still sees the midpoint of the company’s FY27 earnings goal as being a “stretch target” barring a substantial improvement in core markets, Loop added.