Parker-Hannifin price target raised to $480 from $465 at Baird

Baird analyst Mircea Dobre raised the firm’s price target on Parker-Hannifin to $480 from $465 and keeps an Outperform rating on the shares. The company delivered a solid beat to start off FY24 as in line revenue coupled with margin upside across segments, while its guidance was raised to reflect the beat, the analyst tells investors in a research note. Parker-Hannifin’s industrial orders also remained resilient despite a choppier macro backdrop, aaided by changing business mix, while its Aerospace continues to ramp, the firm added.