Parker-Hannifin price target raised to $425 from $400 at Barclays

Barclays analyst Julian Mitchell raised the firm’s price target on Parker-Hannifin to $425 from $400 and keeps an Overweight rating on the shares. The firm says Q2 played out largely as expected with most multi-industry earnings likely to come in-line with or above Street estimates. The firm expects a number of positive 2023 guidance revisions and Q3 guides that are at least in-line with the Street. The tone from most management teams will likely remain upbeat, but following the recent bounce in the shares, there will likely be a “slightly more muted reaction of the group” versus the S&P 500 as compared with Q1 earnings, the analyst tells investors in a research note.