Kennametal downgraded to Underperform from Neutral at BofA/Merrill As previously reported, BofA/Merrill downgraded Kennametal to Underperform from Neutral. The firm has concerns regarding margin trends in the core business and the recent Allegheny acquisition and that expectations are overly optimistic. Price target lowered to $42.
Kennametal raises FY15 restructuring benefits view to $20M-$25M kennametal now expects restructuring pre-tax benefits of $20M-$25M. Total restructuring pre-tax benefits are now estimated to be in the range of $50M-$55M and total pre-tax charges in the range of $55M-$60M through fiscal 2016, which is consistent with the previously stated period.