Raymond James raised the firm’s price target on Applied Industrial Technologies (AIT) to $265 from $250 and keeps an Outperform rating on the shares. Raymond James finds AIT’s competitive positioning and earnings growth potential attractive, especially relative to its conservative balance sheet, though valuation partially tempers the firm’s enthusiasm for the shares, the analyst tells investors in a research note. Perpetual sales growth should also exceed the +3-4% currently baked in, the firm says.
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