UPDATE: BMO Capital Markets Raises PT on Kennametal Following FY4Q EPS Report

In a report published Friday, BMO Capital Markets analyst Joel Tiss reiterated a Market Perform rating on Kennametal (NYSE: KMT), and raised the price target from $41.00 to $44.00.

In the report, BMO Capital Markets noted, “Kennametal reported FY 4Q (June) EPS of $0.76 and guided 2014 EPS in a range of $2.90-$3.10, bracketing our $3.05 estimate coming into yesterday's print. We are encouraged by the conservative/ realistic set of assumptions following the company missing estimates and lowering guidance three times over the past four quarters. The shares reacted well (up 2%) to the realistic guide even though it was below consensus of about $3.20 and we are beginning to believe that investors are warming up to the shares.”

Kennametal closed on Thursday at $42.44.