BofA raised the firm’s price target on Parker-Hannifin (PH) to $525 from $475 and keeps a Buy rating on the shares. Parker has historically traded at a discount, but BofA believes shares should start to trade in line with “high quality compounders” like Ametek (AME) and Illinois Tool Works (ITW) over time as the company has “materially improved” its returns and reduced cyclicality through operational excellence and strategic M&A.
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