Parker-Hannifin price target raised to $654 from $622 at Baird

Baird raised the firm’s price target on Parker-Hannifin to $654 from $622 and keeps an Outperform rating on the shares. The company ended its fiscal with a “solid beat” and the guidance continued to highlight that Parker-Hannifin is increasingly able to navigate through Industrial short-cycle softness aided by changing mix and Aerospace growth, the analyst tells investors in a research note. The firm says the Parker portfolio transformation and expanding free cash flow margins should continue driving the stock’s valuation re-rating. It reiterates Parker as its top through-cycle diversified industrial pick.