Applied Industrial Technologies price target lowered to $290 from $320 at Loop Capital

Loop Capital lowered the firm’s price target on Applied Industrial Technologies (AIT) to $290 from $320 and keeps a Buy rating on the shares as part of a broader research note on Industrials. The firm’s spot checks suggest that end demand has softened slightly, even though this is being more that outmatched by the favorable move in FX rates over the past several months, the analyst tells investors in a research note. Early price increase announcements and the expectation of additional increases more than offsets this softness for now, Loop adds.