KeyBanc Starts Applied Industrial Technologies (AIT) at Sector Weight

KeyBanc initiated coverage on Applied Industrial Technologies (NYSE: AIT) with a Sector Weight rating.

Analyst Ryan Cieslak said, "We view AIT as a high-quality distributor offering attractive leverage to industrial upcycles, with increased mix of higher-margin fluid power and consumable MRO products combined with internal cost opportunities supporting stronger growth and margins long term. That said, considering challenging industrial activity and greater exposure to upstream oil and gas markets following recent acquisitions, uncertainty exists with regard to AIT’s earnings trajectory near term."

For an analyst ratings summary and ratings history on Applied Industrial Technologies click here. For more ratings news on Applied Industrial Technologies click here.

Shares of Applied Industrial Technologies closed at $39.78 yesterday.

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