Parker-Hannifin price target raised to $500 from $473 at Barclays

Barclays analyst Julian Mitchell raised the firm’s price target on Parker-Hannifin to $500 from $473 and keeps an Overweight rating on the shares. The analyst believes Q4 played out largely as expected for the multi-industry group, with sales under pressure in early cycle, residential, consumer and short cycle industrial markets but with little change in the “still-strong” long cycle industrial world. The firm maintains a Neutral sector view heading into the Q4 reports.