KeyBanc analyst Ken Newman raised the firm’s price target on Applied Industrial Technologies (AIT) to $330 from $300 and keeps an Overweight rating on the shares after hosting virtual investor meetings with CEO Neil Schrimsher. The firm walked away with continued conviction in its bullish thesis. KeyBanc thinks Applied Industrial is well positioned to benefit from inflecting cycle dynamics, improving mix from its ES segment, and earnings power potential from margin-accretive acquisitions.
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