TD Cowen analyst Joseph Giordano upgraded Parker-Hannifin to Market Perform from Underperform with a price target of $500, up from $300. The company continues to grind out earnings growth despite 70% of its business being in order and revenue decline, which is impressive, the analyst tells investors in a research note. The firm says that while it will likely get harder to drive costs out given the progress done and waning price momentum, if orders have troughed, Parker-Hannifin’s volumes should help and more acquisitions should open new opportunities.
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Read More on PH:
- Parker Scheduled to Present at the Evercore ISI Industrial Conference on March 5 at 11:20 a.m. Eastern Time
- Parker Scheduled to Present at Barclays 41st Annual Industrial Select Conference on February 21 at 10:20 a.m. Eastern Time
- Parker Scheduled to Present at Citi’s 2024 Global Industrial Tech and Mobility Conference on February 20 at 11:20 a.m. Eastern Time
- Parker-Hannifin price target raised to $558 from $500 at Barclays
- Parker-Hannifin price target raised to $575 from $510 at Wells Fargo
