Parker-Hannifin Corporation (NYSE:PH) is one of the 15 best Industrial Machinery and Supplies stocks to buy according to Hedge Funds.
On January 30, Baird analyst Mircea Dobre reaffirmed his Outperform rating on Parker-Hannifin Corporation (NYSE:PH), while raising his price target estimate from $960 to $1,050. The revision now yields double-digit upside potential after Baird made adjustments to its outlook based on the company’s second-quarter results that beat consensus projections.
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On January 30, Jeffrey Hammond from KeyBanc also reiterated his Overweight rating on Parker-Hannifin Corporation (NYSE:PH). The analyst adjusted his price target on the stock from $1,050 to $1,100, which results in almost 16% upside potential.
Hammond’s bullish views also stem from the company’s second-quarter results, exhibiting strong execution facilitated by a “choppy end market backdrop” outside the aerospace segment. He also highlighted impressive incremental margins for the business despite evident hurdles in the market, which makes him optimistic about business prospects.
Parker-Hannifin Corporation (NYSE:PH) develops and sells motion and control technologies and systems for various markets. It delivers precision-engineered solutions for aerospace and defense, energy, in-plant and industrial equipment, transportation, and HVAC & refrigeration segments. The business is structured around two segments, i.e., Diversified Industrial and Aerospace Systems.
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Disclosure: None. This article is originally published at Insider Monkey.
