UPDATE: KeyBanc Upgrades Kaydon to Buy

KeyBanc is out with its report today on Kaydon KDN, upgrading KDN from Hold to Buy. In a note to clients, KeyBanc writes, "We are upgrading shares of Kaydon Corporation to BUY from HOLD with a $40 price target. We believe that investors seeking a lower-beta defensive play should consider the name given what should be less volatile earnings across a broader range of economic outcomes, its debt-free and cash-heavy capital structure, and the potential for dividend increases or accelerating share buybacks." Shares of KDN closed Monday at $33.91, up 0.40% from Friday's close.