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.
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