UPDATE: Parker-Hannifin (PH) PT Raised to $315 at Stifel as Analyst Sees Shares Higher Near Term
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Stifel analyst Nathan Jones raised the price target on Parker-Hannifin (NYSE: PH) to $315.00 (from $265.00) after finding the average monthly y/y change in PH stock price correlates to the y/y change in the global PMI index with a strong R-square of 0.53, higher at 0.62 pre-COVID.
The analyst reiterated a Buy rating, stating "Over cycles and multiple time frames in the last 20 years PH stock has been a strong outperformer relative to the market and provided investors with outsized returns. We believe using this correlation to the global PMI as a guide should allow investors to trade around positions to enhance what have already amounted to strong returns with a "buy and hold" strategy. In the short term we see PH stock higher, potentially followed by a pull back in the summer".
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