Parker-Hannifin price target raised to $590 from $550 at Argus

Argus raised the firm’s price target on Parker-Hannifin to $590 from $550 and keeps a Buy rating on the shares after its Q3 earnigns beat last week. The company looks to be on track to achieve its long-term goals of raising margins and growing earnings, and should generate low double-digit EPS over time, the analyst tells investors in a research note. Parker-Hannifin’s recent trends had been problematic due to the coronavirus, supply-chain issues, and high inflation, but the company has realigned expenses in response to lower demand, and as orders pick up, margins are once again widening, Argus added.