Applied Industrial Technologies price target raised to $245 from $215 at KeyBanc

KeyBanc analyst Ken Newman raised the firm’s price target on Applied Industrial Technologies to $245 from $215 and keeps an Overweight rating on the shares after touring the company’s Gibson Engineering facility in Norwood, MA, and hosting investor meetings with CEO Neil Schrimsher in Boston. The firm walked away with a renewed appreciation for Applied Industrial Technologies’ differentiated automation strategy to drive stickier out-growth, while enabling structural margin expansion through the cycle. While near-term demand dynamics remain fluid, KeyBanc thinks the company’s track record for conservative guidance and solid execution could support further upward revisions to both consensus and its initial guidance range as the year progresses.