Goldman Sachs Group Inc. upgraded shares of Parker-Hannifin Corp (NYSE:PH) from a sell rating to a buy rating in a research report released on Friday morning, TheFlyOnTheWall.com reports. Goldman Sachs Group Inc. currently has $135.00 price objective on the stock, up from their previous price objective of $107.00.
“We upgrade PH to Buy from Sell as we believe FY14 has been largely derisked, FY15 consensus estimates are too light and strong FCF generation will likely spur attractive capital deployment. In addition, while our price target does not assume relative multiple expansion, we believe the current discount could narrow due to stronger earnings growth over the next two years. Given the reset on FY14 EPS and improving orders, we believe downside risk is limited at this point; hence, our upgrade. Since being added to our Americas Sell list on March 20, 2013, PH is +26.8% vs. the S&P +16.0% vs. coverage +19.1% (past 12 months: +41.8% vs. the S&P +26.8% vs. coverage +34.5%).,” Goldman Sachs Group Inc.’s analyst commented.
A number of other firms have also recently commented on PH. Analysts at ISI Group downgraded shares of Parker-Hannifin Corp from a buy rating to a neutral rating in a research note to investors on Thursday, November 7th. They now have a $135.00 price target on the stock, up previously from $110.00. Separately, analysts at Jefferies Group upgraded shares of Parker-Hannifin Corp from a hold rating to a buy rating in a research note to investors on Thursday, November 7th. They now have a $135.00 price target on the stock, up previously from $115.00. They noted that the move was a valuation call. Finally, analysts at Jefferies Group raised their price target on shares of Parker-Hannifin Corp from $110.00 to $115.00 in a research note to investors on Monday, October 28th. They now have a hold rating on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $104.00.
Shares of Parker-Hannifin Corp (NYSE:PH) traded up 0.80% during mid-day trading on Friday, hitting $122.07. The stock had a trading volume of 104,871 shares. Parker-Hannifin Corp has a 52-week low of $82.65 and a 52-week high of $121.58. The stock has a 50-day moving average of $116.3 and a 200-day moving average of $105.5. The company has a market cap of $18.217 billion and a P/E ratio of 19.22.
Parker-Hannifin Corp (NYSE:PH) last announced its earnings results on Friday, October 18th. The company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.13. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the company posted $1.57 earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts predict that Parker-Hannifin Corp will post $6.55 earnings per share for the current fiscal year.
Parker-Hannifin Corporation (NYSE:PH) is a full-line diversified manufacturer of motion and control technologies and systems, including fluid power systems, electromechanical controls and related components.
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