In a report published Thursday, Jefferies analyst Stephen Volkmann upgraded the rating on Parker-Hannifin PH from Hold to Buy, and raised the price target from $115.00 to 135.00.
In the report, Jefferies noted, “We are upgrading the shares of PH to BUY from Hold. An inflection in orders, the prospect of revenue/earnings growth beyond current expectations and potential for a corresponding multiple upgrade drive our improved outlook. We are raising our estimates and see upwards of $0.50-1.00 of EPS upside versus a subdued consensus plus a call option on significant excess liquidity that could fund a 15+% share repurchase and/or a step up in acquisition activity.”
Parker-Hannifin closed on Wednesday at $115.94.
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