BofA upgraded Applied Industrial Technologies (AIT) to Buy from Neutral with a price target of $315, up from $285. After slower capital deployment out of COVID, the firm has more conviction on M&A into calendar year 2025 after the company recently announced that it would acquire Hydradyne for $272M, noting that M&A has driven more than 70% of Applied’s EPS growth in the past decade.
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Read More on AIT:
- Applied Industrial Technologies price target raised to $285 from $240 at BofA
- 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
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