DA Davidson Starts Applied Industrial Technologies (AIT) at Buy
DA Davidson analyst Chris Dankert initiates coverage on Applied Industrial Technologies (NYSE: AIT) with a Buy rating and a price target of $380.00.
The analyst comments "We are initiating coverage of Applied Industrial Technologies, Inc. (AIT) with a ‘BUY’ rating and a $380 price target (~32x FY27 EPS forecast). The industrial cycle is inflecting positively, and AIT is positioned to deliver robust operating leverage and upward estimate revisions. Aided by structural mix tailwinds, we anticipate gross margin will continue to march higher, while robust FCF generation and a pristine balance sheet support capital deployment upside. We anticipate further multiple expansion also fuels the shares, underpinned by double-digit cross-cycle EPS growth."
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Shares of Applied Industrial Technologies closed at $320.11 yesterday.