Applied Industrial Technologies price target raised to $320 from $270 at Loop Capital

Loop Capital raised the firm’s price target on Applied Industrial Technologies (AIT) to $320 from $270 and keeps a Buy rating on the shares. The firm’s recent investor meetings with company management focused on the bullish short-cycle industrial backdrop into 2025 and beyond, along with deep-dive conversations into the acquisition strategy, thoughts post-election, and the key drivers for the company’s automation business, the analyst tells investors in a research note. Loop notes that it is “particularly optimistic” following these conversations regarding Applied Industrial’s capital deployment opportunity, adding that its anticipation of an 18-24 month industrial upcycle should drive positive estimate revisions.