Jefferies Maintains a 'Buy' on Parker-Hannifin (PH); Beat and Raise... but Outlook Could Still Be Conservative

Jefferies maintains a 'Buy' on Parker-Hannifin (NYSE: PH) price target raised $2 to $94.

Jefferies analyst says, "PH reported EPS of $1.91, $0.26 ahead of our expectation of $1.65. Segment volumes and margins were better than expected and contributed $0.20 to the beat. A lower share count added $0.05 and the lower tax rate made up the difference. F2012 guidance was increased to $7.25-$7.85 (up $0.45 at the midpoint) versus the initial outlook of $6.70-$7.50 and current consensus of $6.96. The outlook incorporates no additional share repurchases. (Jefferies lowers FY12 EPS estimate from $7.08 to $6.96, FY13 from $7.76 to $7.71 and FY14 from $8.12 to $7.93)

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 $77.15 yesterday.

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