Applied Industrial Technologies price target raised to $174 from $170 at Loop Capital

Loop Capital analyst Chris Dankert raised the firm’s price target on Applied Industrial Technologies to $174 from $170 and keeps a Buy rating on the shares. Better-than-expected sales and SG&A leverage drove the company’s Q4 earnings beat, while the management’s initial FY24 sales guidance for mid-single-digit organic growth was generally stronger than expected, fueling a favorable stock reaction on the day, the analyst tells investors in a research note. Applied Industrial Technologies remains “well positioned” to benefit from ongoing industrial recapitalization and automation investment, while the management’s guidance “appears reasonable”, the firm added.