UPDATE: MKM Partners Upgrades Parker-Hannifin (PH) to Buy

February 5, 2014 7:57 AM EST
Get Alerts PH Hot Sheet
Price: $142.52 -0.86%

Rating Summary:
    10 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - February 5, 2014 11:06 AM EST)

MKM Partners upgraded Parker-Hannifin (NYSE: PH) from Neutral to Buy with a price target of 130.

Analyst Joshua Pokrzywinski said, "We believe the pullback in PH is overdone and see near-term upside to both the multiple and earnings power. Feedback from peers and the company itself suggests end markets are in recovery and set up a beat and raise story through year end. Moreover, the strategic view on Parker has vastly improved, in our opinion, as what has historically been an uneventful quarter-to-quarter execution story is augmented by a European restructuring program and what we believe will be much greater emphasis on capital deployment. We believe this dual thesis of earnings momentum and multiple expansion afforded by better capital allocation (i.e. to restructuring and shareholders vs. idle on the balance sheet) makes for one of the better stories on our list."

For an analyst ratings summary and ratings history on Parker-Hannifin click here. For more ratings news on Parker-Hannifin click here.

Shares of Parker-Hannifin closed at $110.89 yesterday.

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