Parker-Hannifin price target raised to $550 from $460 at Argus

Argus analyst John Eade raised the firm’s price target on Parker-Hannifin to $550 from $460 and keeps a Buy rating on the shares after its Q2 earnings beat. The company has a history of setting guidance low and raising the bar as the year unfolds, and Argus expects to see the same pattern in FY24, the analyst tells investors in a research note. While the stock’s multiples are mixed relative to its peers, they generally point to undervaluation, especially given the company’s long-term track record of performance, the firm added.