Soleil Securities Downgrades Applied Industrial Technologies (AIT) to Hold
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Soleil Securities downgrades Applied Industrial Technologies (NYSE: AIT) from Accumulate to Hold. Price target $15.
Soleil analyst says, "Downgrading to Hold from boutique rating Gradually Accumulate due to lack of earnings momentum and predictability...Reducing F09E to $1.30 from $1.80 and F10E to $1.40 from $1.95 reflecting the weakening domestic demand for industrial products."
Applied Industrial Technologies, Inc. (Applied) is a North American distributor of bearings, power transmission components, fluid power components and systems, industrial rubber products, linear components, tools, safety products, general maintenance products and a variety of mill supply products.
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