Truist initiated coverage of Parker-Hannifin with a Buy rating and $602 price target. The firm believes the current downturn “proves Parker’s portfolio is more earnings resilient” and will support a valuation re-rating, the analyst tells investors. Parker has continued to raise its long-term financial targets over the last several years and the firm believes the company is ahead of plan with regards to its 2027 targets, the analyst added.
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