Applied Industrial Technologies (AIT) PT Raised to $215 at Loop Capital

Loop Capital analyst Chris Dankert raised the price target on Applied Industrial Technologies (NYSE: AIT) to $215.00 (from $205.00) while maintaining a Buy rating.

The analyst commented: "AIT again beat earnings expectations (+2% EPS beat vs. Street) aided by solid Service Center growth, lower interest expense, and favorable ETR. In addition, the company announced an agreement to acquire Grupo Kopar which will meaningfully expand its automation portfolio and bolster FY25 sales growth (est. +120bp benefit). ES segment orders have started to rebound, while ongoing MRO strength and near-shoring benefits are expected to continue building into FY25 and beyond. We are reiterating our ‘Buy’ rating and increasing our price target to $215 ($205 prior). We believe acquisition actionability is improving, punctuated by Kopar, and estimate that each $100M deployed toward M&A could add roughly $0.10 to full year EPS (assuming no additional debt)."

You May Also Be Interested In

• Jefferies Upgrades Arteris, Inc (AIP) to Buy
• UBS Starts CXMT Corporation (688825:CH) at Buy
• Freedom Broker Upgrades Xpel inc. (XPEL) to Buy