Applied Industrial Technologies price target raised to $250 from $225 at Raymond James

Raymond James analyst Sam Darkatsh raised the firm’s price target on Applied Industrial Technologies (AIT) to $250 from $225 and keeps an Outperform rating on the shares. September quarter results essentially matched views despite widespread channel evidence of worsening near-term conditions, and AIT also reported a solid month of September for both orders and invoices and reiterated above-the-line guidance for FY25, the analyst tells investors in a research note. The primary items underlying the firm’s thesis remain largely intact, namely that Q2 comp guidance appears conservatively crafted given favorable seasonality in September, improving order trends and easier technology comps in ES, and that costs were well controlled, especially vs. peers, Raymond James says.