Applied Industrial Technologies initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Applied Industrial Technologies with an Outperform rating and $235 price target. The company’s U.S. / North America concentration positions it well relative to near/re-shoring, technical workforce constraints across its customer base, upgrade drivers across motion control & automation installed base, and public infrastructure spending, the analyst tells investors in a research note. The firm further cites Applied Industrial’s clean financials and execution, along with its track record of astute expectations’ management.