Argus analyst John Eade raised the firm’s price target on Parker-Hannifin to $550 from $460 and keeps a Buy rating on the shares after its Q2 earnings beat. The company has a history of setting guidance low and raising the bar as the year unfolds, and Argus expects to see the same pattern in FY24, the analyst tells investors in a research note. While the stock’s multiples are mixed relative to its peers, they generally point to undervaluation, especially given the company’s long-term track record of performance, the firm added.
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Read More on PH:
- Parker-Hannifin sees FY24 adjusted EPS $23.90-$24.50, consensus $23.30
- Parker Reports Fiscal 2024 Second Quarter Results
- Parker-Hannifin reports Q2 adjusted EPS $6.15, consensus $5.26
- Parker-Hannifin Corp (PH) Q2 Earnings Cheat Sheet
- Parker Declares Quarterly Cash Dividend
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