UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Kennametal

In a report published Friday, Jefferies & Company reiterated its Hold rating on Kennametal (NYSE: KMT ), and raised its price target from $34.00 to $38.00. Jefferies noted, “We see more downside than upside risk in 4Q machinery earnings, and we continue to recommend a defensive short-term stance. Extended production