Soleil Upgrades Applied Industrial (NYSE: AIT) to “Buy”

Soleil Upgrades Applied Industrial (NYSE: AIT) to “Buy”

Soleil analysts upgraded shares of Applied Industrial (NYSE: AIT) to a “buy” rating and raised its target for shares to $42 from $36 in a research note to investors on Wednesday.

Applied Industrial Technologies, Inc. (Applied) is a North American distributor of industrial products. The Company also provides fluid power, mechanical, and rubber shop services. It offers technical application support for the products and provides solutions. It has two reportable segments, service center-based distribution and fluid power businesses. In August 2008, the Company acquired Fluid Power Resource LLC. In August 2010, the Company acquired the assets of UZ Engineered Products of Cleveland, Ohio from State Industrial Products Corporation.

Shares of AIT traded down 3.96% hitting $27.68 during mid-day trading on Wednesday.

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