Cowen Starts Parker-Hannifin (PH) at Market Perform

Cowen initiates coverage on Parker-Hannifin (NYSE: PH) with a Market Perform rating and a price target of $107.00.

Analyst Joseph Giordano commented, "Initiating at Market Perform with $107 PT based on our DCF and comp multiple analyses. 80+% weighting to diversified industrial markets likely to offset more positive near-term trends in aerospace. Think 17% FY20 segment margin target will take a bit longer to achieve, but flexible balance sheet, strong cash generation, and continued buybacks likely provide support post ~20% YTD decline."

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 $105.86 yesterday.

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