UPDATE: Parker-Hannifin (PH) PT Raised to $202 at Stifel on Distributor Survey Results
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(updated to add analyst comments)
Stifel analyst Nathan Jones raised the price target on Parker-Hannifin (NYSE: PH) to $202.00 (from $180.00) while maintaining a Buy rating citing distributor survey thoughts, F4Q20 sales, F4Q20 inventory, F4Q20 Price, F1Q21 sales, and expected twelve months sales.
The analyst stated "We maintain our Buy rating on PH shares with a $202 target price. Our Parker North America distributor survey regression model predicts F4Q20 North American revenue down ~32% (Stifel organic -30%), in-line with our estimates but slightly deteriorated from down ~29% in our last survey conducted 7 weeks ago. Distributors' expectations for revenue in the quarter deteriorated slightly, while inventory improved and price moderated slightly vs. our prior mid-quarter survey. Next twelve months sales also improved with sales expected to be down 1.2% vs. down 6.0% when asked in our last quarterly survey conducted in early April."
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