Applied Industrial Technologies price target raised to $300 from $290 at Oppenheimer

Oppenheimer raised the firm’s price target on Applied Industrial Technologies (AIT) to $300 from $290 and keeps an Outperform rating on the shares. The firm says the company’s FY24 revenue upside reflects Hydradyne outperformance and +0.2% organic, following four quarters slightly negative. Oppenheimer continues to view the cumulative FY24-25 organic number as a strong indicator of market penetration momentum, basically holding about level even though serving diverse end-markets and production environments amid wide-ranging customer inventory cycles, end-market corrections, interest rates. The firm views the result as reflecting continued compound share accrual.