Jefferies raised the firm’s price target on Parker-Hannifin (PH) to $810 from $765 and keeps a Buy rating on the shares as part of a broader research note previewing 2025 for the Machinery and Industrial sector. The firm is also naming the stock its Top Pick for the year. Approaching 2025 however, the landscape has changed as the markets have turned more bullish on industrial trends and with valuations near the high end of historical highs, forcing the firm to be “increasingly selective”, Jefferies states. Parker-Hannifin’s continued focus on margin expansion, even in declining volume periods, should support additional multiple expansion, bridging the valuation gap relative to premium industrial peers, Jefferies added.
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