Parker-Hannifin price target raised to $650 from $590 at Argus

Argus analyst John Eade raised the firm’s price target on Parker-Hannifin to $650 from $590 and keeps a Buy rating on the shares. Parker-Hannifin is a well-managed company that is on track to achieve its long-term goals of raising margins and growing earnings, and over time, it should generate low double-digit EPS growth driven by 3%-4% revenue growth, margin improvement, and share buybacks, the analyst tells investors in a research note. Parker-Hannifin’s balance sheet is also clean, and the company has an impressive history of raising the dividend, the firm added.