Applied Industrial Technologies price target raised to $270 from $230 at Loop Capital

Loop Capital raised the firm’s price target on Applied Industrial Technologies (AIT) to $270 from $230 and keeps a Buy rating on the shares. AIT is well-positioned to benefit from accelerating IP while improving mix continues to fuel margin expansion and accretive capital deployment can add incremental upside to earnings, the analyst tells investors in a research note. Guidance remains conservative, assuming incremental demand deterioration into Q2 and generally stable market trends into the second half, the firm says.