Parker-Hannifin price target raised to $622 from $480 at Baird

Baird raised the firm’s price target on Parker-Hannifin to $622 from $480 and keeps an Outperform rating on the shares. The company reported another “solid beat” with in-line revenue and margin upside across segments, the analyst tells investors in a research note. The firm adds that the results and guidance raise from Parker-Hannifin reflects solid execution despite a choppy environment, and the analyst expects gradual valuation re-rating to continue. Baird maintains its view of the stock as its “favorite through-cycle Diversified Industrial”.