Applied Industrial Technologies price target raised to $162 from $138 at KeyBanc

KeyBanc analyst Ken Newman raised the firm’s price target on Applied Industrial Technologies to $162 from $138 and keeps an Overweight rating on the shares. Shares outperformed following strong Q2 results that beat consensus expectations, the analyst tells investors in a research note, adding that AIT continues to execute at a high level, benefiting from numerous secular tailwinds and a strong backlog.