Jefferies Downgrades Parker-Hannifin (PH) to Hold; Fundamentals in Industrial Business Softening

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Jefferies downgraded Parker-Hannifin (NYSE: PH) from Buy to Hold with a price target of $80.00 (from $100.00).

Analyst, Stephen Volkmann, said, "We are downgrading to Hold as fundamentals in the Industrial business (particularly in International) have further softened and order rates continue to trend downward. A larger than expected headwind from FX drives much of the $0.10 reduction in our F4Q12 estimate...We are lowering earnings forecast F2013 and F2014 by $0.50 (to $7.65) and $0.35 (to $8.40) respectively on a lower base revenue outlook for the International and North American Industrial businesses."

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 $73.88 yesterday, with a 52 week range of $59.26-$91.47.

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