Applied Industrial Technologies price target raised to $275 from $245 at KeyBanc

KeyBanc raised the firm’s price target on Applied Industrial Technologies (AIT) to $275 from $245 and keeps an Overweight rating on the shares following the company’s fiscal Q1 beat and “modest” raise of EPS guidance. While management “maintained an appropriate level of conservatism” around full-year revenue and margin expectations, the firm thinks apparent green shoots in order activity, particularly in the Automation and Technology verticals, could support upside to FY25 guidance and consensus estimates, the analyst tells investors in a post-earnings note.