Applied Industrial Technologies price target raised to $160 from $138 at Baird

Baird analyst David Manthey raised the firm’s price target on Applied Industrial Technologies to $160 from $138 and keeps a Neutral rating on the shares. The analyst said we are favorably inclined on the company and distributors broadly given pro-cyclical/early-cycle characteristics as the market looks through the downturn. We also believe consistently strong execution, improving ROIC/margins and leverage towards secular growth tailwinds merit a premium valuation to historical averages.