Applied Industrial Technologies price target raised to $182 from $162 at KeyBanc

KeyBanc raised the firm’s price target on Applied Industrial Technologies to $182 from $162 and keeps an Overweight rating on the shares. AIT reported a strong Q4 earnings beat and its newly introduced FY24 outlook was above consensus expectations, the analyst tells investors in a research note. AIT’s track record for conservative messaging and the company’s exposure to secular tailwinds could support upward revisions to the outlook as the year progresses, the firm argues.