Parker-Hannifin price target raised to $710 from $650 at Argus

Argus raised the firm’s price target on Parker-Hannifin (PH) to $710 from $650 and keeps a Buy rating on the shares after its Q1 earnings beat. The company is on track to achieve its long-term goals of raising margins and growing earnings, and over time, it should generate low double-digit EPS growth, driven by 3%-4% revenue growth, margin improvement, and share buybacks, the analyst tells investors in a research note. Over the long term, Parker should focus on electrification, clean technologies, digitization and aerospace, which are “good long-term businesses”, the firm added.