KeyBanc lowered the firm’s price target on Applied Industrial Technologies (AIT) to $300 from $310 and keeps an Overweight rating on the shares. The firm notes shares underperformed following mixed Q2 results and a weaker EBITDA margin guide. KeyBanc thinks buy-side expectations were likely high into the print, and it believes the selloff was mainly driven by concerns around higher LIFO expense in the quarter and choppy December demand trends.
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