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Parker-Hannifin Rises As KeyBanc Goes Overweight

Published 06/23/2021, 11:08 AM
Updated 06/23/2021, 11:09 AM
© Reuters.

By Dhirendra Tripathi

Investing.com – Parker-Hannifin (NYSE:PH) rose more than 2% in Wednesday’s trade as KeyBanc analyst Jeffrey Hammond upgraded the stock to overweight with a target of $350.

The new target translates into an 18% upside from the stock’s current level. Hammond is holding on to his belief that Parker is early in a multi-year upcycle.

According to the analyst, the company has room to push margins more clearly into the top quartile of its peer group.

He believes Parker’s acquisitions have been value-creating and improve its profitability mix while balancing cyclicality.

Hammond thinks that the share’s recent underperformance is overdone. The stock has fallen by around 7% in the last two months.

 

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