BUZZ-Jefferies raises Kennametal to 'buy' on tungsten-driven earnings boost
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Jefferies has upgraded Kennametalfrom 'hold' to 'buy' and increased the price target from $28 to $40, indicating a potential upside of 30.2%. The upgrade is attributed to a surge in tungsten prices, which is expected to enhance the company's near-term earnings. Jefferies also noted that structural cost cuts are improving earnings resilience, and operating leverage could provide significant upside if demand increases. The brokerage has raised its 2026 EPS forecast to $2 from $1.50. Currently, one of nine brokerages rates the stock as 'strong buy'.
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