Stifel Finds Positive Data Points On Parker-Hannifin (PH)
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Stifel analyst Nathan Jones reiterated a Hold rating and $171.00 price target on Parker-Hannifin (NYSE: PH) but offered positive commentary after completing a survey of 58 Parker-Hannifin North American distributors. The analyst's survey suggests North American revenue growth will be of ~6% compared to the Street Consensus of +2%.
The analyst stated "Pricing increased +240bps y/y (+350bps prior survey) as commodity costs continued to moderate implying strong cost recovery. Distributors expect sales over the next three months to increase 3.1% y/y and sales over the next 12 months to increase by 5.5% (vs. +4.6% in our previous survey). We maintain our Hold rating on PH shares and our target price of $171 based on 14x our F2020E EPS (13x cash EPS), with our survey being incrementally positive for North American results offset by continued caution internationally, particularly in Europe".
Shares of Parker-Hannifin closed at $177.52 yesterday.
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