BofA analyst Sabrina Abrams raised the firm’s price target on Applied Industrial Technologies (AIT) to $285 from $240 and keeps a Neutral rating on the shares after the company announced that it would acquire Hydradyne, a leading distributor of fluid power products. While noting Applied has not deployed capital as much as management would have liked coming out of COVID, the firm views Hydradyne as “a sign that the company will be able to convert more deals from its pipeline,” the analyst tells investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AIT:
- Applied Industrial Technologies Expands with Hydradyne Acquisition
- Applied Industrial Technologies to acquire Hydradyne, terms undisclosed
- Applied Industrial Technologies price target raised to $305 from $260 at Oppenheimer
- Applied Industrial Technologies price target raised to $270 from $230 at Loop Capital
- Applied Industrial Technologies (AIT) Unveils Dividend Details for Q4: Mark Your Calendar!