BofA analyst Sabrina Abrams raised the firm’s price target on Applied Industrial Technologies (AIT) to $240 from $232 and keeps a Neutral rating on the shares after the company reported fiscal Q1 adjusted EPS of $2.36, above the firm’s $2.12 forecast and the $2.25 consensus. The firm’s Neutral rating reflects the long-term secular growth trajectory with current weakness in the macro environment and more limited capital deployment post-COVID, but its higher target reflects peer re-rating, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AIT:
- Applied Industrial Technologies price target raised to $250 from $225 at Raymond James
- Applied Industrial Technologies price target raised to $260 from $235 at Oppenheimer
- Applied Industrial Technologies reports Q1 EPS $2.36, consensus $2.25
- Applied Industrial Technologies raises FY25 EPS view to $9.25-$10.00
- Is AIT a Buy, Before Earnings?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
