Applied Industrial upgraded at BB&T As previously reported, BB&T upgraded Applied Industrial to Buy from Hold. The firm upgraded shares citing leverage to improved macros and easy comps over next year.
Applied Industrial downgraded to Underperform from Neutral at Longbow Longbow transitioned coverage on Applied Industrial with an Underperform rating from a Neutral rating and $34 price target. The firm's checks indicate industrial is weakening near-term and ongoing macro indicates and supplier guidance are headwinds to earnings growth. Longbow expects FY16 guidance to be below consensus the the company reports Q4 results in mid-August, pressuring shares further.