Parker-Hannifin price target raised to $400 from $343 at Barclays

Barclays analyst Julian Mitchell raised the firm’s price target on Parker-Hannifin to $400 from $343 and keeps an Overweight rating on the shares following quarterly results. The company has provided one of the most conservative organic sales guides for the next couple of quarters, with flat/down Industrial organic sales in Q2, whereas most MI / SCI peers are guiding for mid-single digits organic growth, with an acceleration from Q2 2023, the firm said in a research note on Friday. Barclays is "very curious" to see what difference its lack of an infinite backlog makes to differing organic sales performances over the near-term.