KeyBanc Downgrades AIT to $300, Maintains Overweight Rating Amid Mixed Q2 Earnings

Applied Industrial Technologies reported Q2 revenues of $1.16 billion, an 8.4% increase YoY, with net income of $95.3 million and EPS of $2.51. However, KeyBanc reduced its price target to $300 from $310, citing "mixed" earnings and a lower EBITDA margin forecast. The firm maintains an Overweight rating on the industrial equipment distributor.