Applied Industrial Technologies price target raised to $230 from $215 at Loop Capital

Loop Capital raised the firm’s price target on Applied Industrial Technologies to $230 from $215 and keeps a Buy rating on the shares. Investors seemed to shrug off lighter-than-expected FY25 earnings guidance, understanding there is typically a level of caution and conservatism baked into the company’s outlook commentary, Loop states. The firm also sees incremental upside from cash deployment toward the buybacks and M&A, adding that the easy comps and the resumption of deferred customer maintenance and secular tailwinds should aid the second half of its FY25, the analyst tells investors in a research note.