Stifel Upgrades Parker-Hannifin (PH) to Buy
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Stifel analyst Nathan Jones upgraded Parker-Hannifin (NYSE: PH) from Hold to Buy with a price target of $229.00 (from $199.00).
The analyst comments "After cutting its fiscal 2020 outlook heavily on the 3Q19 earnings call we view the current outlook as de-risked. Current macro trends indicate to us that we are about in the middle of what looks to be a very shallow industrial recession, we expect the industrial economy to return to growth in 2Q20. Recent positive developments on trade derisk the macro outlook and we at least appear to have certainty on Brexit. We think this will let investors focus on the industry recovery, look forward to some inventory restocking, and focus on the synergies and growth from recent acquisitions."
Shares of Parker-Hannifin closed at $207.59 yesterday.
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