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Barclays Analyst Raises Parker Hannifin Price Target by 12%, Maintains Strong Buy Rating

By Don Francis, Editor
April 3, 2024 6:45 AM UTC
Barclays Analyst Raises Parker Hannifin Price Target by 12%, Maintains Strong Buy Rating

Barclays's Julian Mitchell raised their price target on Parker Hannifin (NYSE: PH) by 12% from $558 to $625 on 2024/04/02. The analyst maintained their Strong Buy rating on the stock.

In their Q1 2024 preview of the Industrials (Conglomerates) group, Mitchell updated price targets and provided insights into the sector's performance. The analyst expressed optimism, stating that investors already have high expectations for the group, anticipating catalysts for organic sales growth acceleration. Mitchell also highlighted that order trends are expected to strengthen even further in Q2 compared to Q1. They predicted that Q1 would unfold as anticipated, with signs of stabilization in markets under pressure, such as short-cycle industrials.

Alongside the adjustment in Parker Hannifin's price target, Mitchell also made changes to other companies in their portfolio. They raised the price target on Eaton Corp PLC by 20%, from $250 to $300, and upgraded the stock from Strong Sell to Hold. Allegion PLC saw a slight increase in its price target, from $121 to $122, while maintaining a Hold rating. Dover Corp had its price target raised by 10.4%, from $163 to $180, with a Hold rating maintained. Emerson Electric Co also received a 10.5% increase in its price target, from $95 to $105, while retaining a Hold rating. Lastly, Hubbell Inc had its price target raised by 17.6%, from $340 to $400, and maintained a Hold rating.

Analyst ratings can provide valuable insights into the market sentiment surrounding a particular stock. Currently, 90% of top-rated analysts rate Parker Hannifin as a Strong Buy or Buy, while the remaining 10% see it as a Hold. No analysts recommend or strongly recommend selling the stock.

Looking at the consensus forecast among analysts, the upcoming year for Parker Hannifin is expected to deliver earnings per share (EPS) of $20.38. If these predictions hold true, the next yearly EPS for Parker Hannifin will see a slight decline of 0.6% on a year-over-year basis.

In terms of stock performance, Parker Hannifin has been on an upward trajectory. Since its last quarterly report on 2023/12/31, the stock price has risen by 18.8%. On a year-over-year basis, Parker Hannifin has outperformed the S&P 500, with a 61.4% increase compared to the index's 26.2% growth.

Barclays analyst Julian Mitchell, who made the adjustments to Parker Hannifin's price target, has a strong track record in the industry. Ranked in the top 1% of 4,530 Wall Street analysts by WallStreetZen, Mitchell boasts an average return of 12.4% and a win rate of 65.7%. Their expertise spans across sectors, with a focus on Healthcare and Financial Services, among others.

Parker-Hannifin Corporation, founded in 1917 and headquartered in Cleveland, OH, is a manufacturer of motion and control technologies and systems. The company serves a range of mobile, industrial, and aerospace markets. Its Diversified Industrial Segment encompasses multiple business units that manufacture motion-control and fluid power system components for various types of vehicles and equipment used in manufacturing, transportation, agriculture, construction, and the military. The Aerospace Systems Segment produces hydraulic, fuel, pneumatic, and electro-mechanical systems and components utilized in commercial, military, and general aviation aircraft.

What are the top analysts forecasting for Parker Hannifin?

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

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