The initiation of coverage by Morgan Stanley with an Equal-Weight rating suggests a neutral outlook on Kennametal's stock, indicating that the stock is expected to perform in line with the market or sector. The price target of $24 provides a reference point for investors but does not imply significant upside or downside, hence the neutral score. The relevance is high as the news is directly about KMT, and the importance is significant for investors considering Morgan Stanley's influence in the market. The confidence level is high due to the clear and specific nature of the analyst's rating and price target.