Applied Industrial Technologies price target raised to $240 from $232 at BofA

BofA analyst Sabrina Abrams raised the firm’s price target on Applied Industrial Technologies (AIT) to $240 from $232 and keeps a Neutral rating on the shares after the company reported fiscal Q1 adjusted EPS of $2.36, above the firm’s $2.12 forecast and the $2.25 consensus. The firm’s Neutral rating reflects the long-term secular growth trajectory with current weakness in the macro environment and more limited capital deployment post-COVID, but its higher target reflects peer re-rating, the analyst tells investors.