Parker-Hannifin price target raised to $691 from $633 at Stifel

Stifel raised the firm’s price target on Parker-Hannifin to $691 from $633 and keeps a Buy rating on the shares. The firm believes that using a correlation to the year-over-year change in the global PMI index as a guide should allow investors to trade around positions to enhance a “buy and hold” strategy. In the short term, its base case model predicts some volatility in Parker-Hannifin stock, but its scenario analysis continues to suggest a positive risk/reward outlook over the next 12 months, the analyst added.