Parker-Hannifin price target raised to $460 from $390 at Argus

Argus analyst John Eade raised the firm’s price target on Parker-Hannifin to $460 from $390 and keeps a Buy rating on the shares after its Q4 earnings beat. Parker-Hannifin is a well-managed company that is on track to achieve its long-term goals of raising margins and growing earnings, the analyst tells investors in a research note. Over time, Parker-Hannifin should generate low double-digit EPS growth, driven by 3%-4% revenue growth, margin improvement, and share buybacks, the firm adds.