Baird raised the firm’s price target on Parker-Hannifin to $622 from $480 and keeps an Outperform rating on the shares. The company reported another “solid beat” with in-line revenue and margin upside across segments, the analyst tells investors in a research note. The firm adds that the results and guidance raise from Parker-Hannifin reflects solid execution despite a choppy environment, and the analyst expects gradual valuation re-rating to continue. Baird maintains its view of the stock as its “favorite through-cycle Diversified Industrial”.
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Read More on PH:
- Parker Reports Fiscal 2024 Second Quarter Results
- Parker-Hannifin Corp (PH) Q2 Earnings Cheat Sheet
- Parker Declares Quarterly Cash Dividend
- Parker to Announce Fiscal 2024 Second Quarter Earnings on February 1; Conference Call and Webcast Scheduled for 11 a.m. Eastern
- Parker-Hannifin price target raised to $500 from $473 at Barclays
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