Applied Industrial Technologies price target raised to $161 from $160 at Baird

Baird analyst David Manthey raised the firm’s price target on Applied Industrial Technologies to $161 from $160 and keeps an Outperform rating on the shares. The analyst said they reported strong March-quarter results, with upside across the entire P&L. While the near-term outlook remains prudently cautious in light of macro uncertainty, we remain confident in management’s ability to manage decrementals in a downturn.