Citi Downgrades Parker-Hannifin (PH) to Hold
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Citi downgrades Parker-Hannifin (NYSE: PH) to Hold. Price target $52.
Citi analyst says, "Interestingly, the next major move higher in the Machinery sector that's embraced by a wide swath of investors will be the North America bottoming/early cycle trade, a trade in which Parker will be a core holding for many investors. However, that trade is too early to make right now, with EPS estimates having not yet even come down broadly for our sector and particularly for names such as Parker that have shown earnings resilient the past few years. We see the Street expectations not just having to be lowered but fundamentally rethinking fiscal and calendar 2009 for Parker as a down year in EPS, not another year of growth (current consensus for fiscal 2009 calling for 5% EPS growth, we're forecasting a 15% decline)."
Parker-Hannifin Corporation is a full-line diversified manufacturer of motion and control technologies and systems, including fluid power systems, electromechanical controls and related components.
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