Parker-Hannifin price target raised to $788 from $673 at Truist

Truist raised the firm’s price target on Parker-Hannifin to $788 from $673 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results in Machinery, Infrastructure Services, and Industrial Technology. The firm is trimming its estimates for the Machinery and Multi-Industry group reflecting ongoing weakness in industrial demand and as channel destock continues, but also believes that Infrastructure Services consensus should remain intact thanks to robust backlogs increasing visibility, the analyst tells investors in a research note. Q3 prints in the sector should be “largely backward looking”, though the potential positive impact of Fed cuts and China in 2025 are setting the stocks up well over the medium term, Truist added.