Credit Suisse Raises PH Target To $105 From $92

In a report released this morning, Credit Suisse said that it believes investors should be bullish on Parker-Hannifin Corporation PH on 20th January after being down 6% on disappointing earnings, exacerbated by confusion on the conference call. “Europe markets are recovering at a fast pace,” Credit Suisse writes. “We view these issues as short term and believe PH stands to benefit substantially from the recovery in NA and W. Europe industrial along with Aerospace. “Furthermore, PH will be able to hold healthy incremental margins. We raise our TP to $105 from $92 (14x our CY13 EPS of $8.25, discounted back). We also raise our FY2011-13 est.'s to $6.15, $7.30 and $8.05 from $5.65, $6.50 & $7.07, respectively.” Parker-Hannifin closed Thursday at $85.51.