Parker-Hannifin (PH) PT Cut to $180 at Stifel As Revenue Cuts Dramatically Impacts EPS

March 30, 2020 7:21 AM EDT
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Price: $300.23 -1.03%

Rating Summary:
    20 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 26 | New: 45
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Stifel analyst Nathan Jones lowered the price target on Parker-Hannifin (NYSE: PH) for the second time in one month, to $180.00 (from $188.00) due to the complete lockdown in Italy, belief that major outbreaks in other parts of Europe are likely to more acutely adversely impact economic activity at the same time the number of active cases is doubling every 3 days in the U.S..

F4Q20 revenue and EPS drops from $3.50b / $2.20 to $2.88b / $0.63. F2021 revenue and EPS drop from $14.15b / $8.96 to $12.52b / $6.75. The analyst maintained a Buy rating, stating "The severe drop in near term revenue will require a quick and decisive response from management to right size the cost structure and we are modeling ~$400 million of cost reductions beginning immediately with $400 million cost to achieve".

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