Applied Industrial Technologies price target raised to $170 from $150 at Loop Capital

Loop Capital analyst Chris Dankert raised the firm’s price target on Applied Industrial Technologies to $170 from $150 and keeps a Buy rating on the shares after its Q2 earnings beat and guidance raise. The company is well set-up to continue realizing robust cross-cycle growth that is aided by exposure to secular growth drivers including infrastructure, reshoring, and automation, the analyst tells investors in a research note. Applied Industrial’s EBITDA margin is also set to continue expanding, aided by favorable mix and impressive execution, the firm added.