KeyBanc Upgrades Parker-Hannifin (PH) to Buy; Management Meetings Confirm Our More Constructive View

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KeyBanc upgraded Parker-Hannifin (NYSE: PH) from Hold to Buy. PT $105.

KeyBanc highlighted points include: Management Meetings Confirm Our More Constructive View on the PH Story; Strong Broadbased Demand Momentum to Support Upward Earnings Revisions over Coming Quarters; Winovation Program Reaching Inflection Point at Important Transition in Cycle; Balance Sheet Capacity to Augment Growth Trajectory as M&A Pipeline Fills - Collectively Overshadowing Tougher Order Comparisons Ahead, Supporting Our Favorable View on Shares; PH Shares Unduly Trading at Discount to Industrial Peer Group; Raising Our FY11E to $6.15 (from $6.05) Including a Fiscal 3Q11E of $1.53 (from $1.50) and Raising Our FY12E to $7.00 (from $6.85). Introducing New Calendar EPS Estimates of $6.54 and $7.40 for Calendar FY11 and FY12, Respectively."

For more ratings news on Parker-Hannifin click here and for the rating history of Parker-Hannifin click here.

Shares of Parker-Hannifin closed at $85.92 yesterday, with a 52 week range of $54.26-$93.60.

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