Parker-Hannifin price target raised to $673 from $621 at Truist

Truist raised the firm’s price target on Parker-Hannifin to $673 from $621 and keeps a Buy rating on the shares. The company’s Q4 earnings beat was “impressive on every measure”, as Parker-Hannifin improved adjusted margins in Industrial-North America by 150bps and Industrial- International by 60bps on organic sales declines of 2.8% and 2.5% respectively, the analyst tells investors in a research note. Parker-Hannifin’s aerospace sales also increased 19% organically and adjusted operating margins grew 130bps to a record 27.1%, the firm added.