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PH

Parker-Hannifin

$143.42

4.49 (3.23%)

, CLC

Clarcor

$82.41

11.955 (16.97%)

12:48
12/01/16
12/01
12:48
12/01/16
12:48

Parker-Hannifin placed on Rating Watch Negative by Fitch

Fitch Ratings has placed the long- and short-term ratings for Parker-Hannifin (PH) on Rating Watch Negative following the company's announcement that it has agreed to acquire CLARCOR (CLC) for $4.3B in cash including the assumption of net debt. The Rating Watch Negative reflects the expected increase in PH's financial leverage, which Fitch believes will remain above historical levels although some reduction in debt and leverage is likely following completion of the acquisition. PH plans to finance the transaction, which will total around $4.5 billion including transaction costs and fees, with approximately $3B of debt and $1.5B of cash. Fitch expects this incremental debt would drive debt/EBITDA to above 3x from 2.1x at Sept. 30, 2016. Subsequent to the acquisition, PH plans focus its free cash flow on debt reduction while moderating its share repurchases, enabling leverage to improve to around 2x in three years. Prior to the recent downturn, PH's leverage had ranged from 1x to 1.5x.

PH

Parker-Hannifin

$143.42

4.49 (3.23%)

CLC

Clarcor

$82.41

11.955 (16.97%)

  • 01

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  • 08

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    Dec

PH Parker-Hannifin
$143.42

4.49 (3.23%)

11/07/16
EVER
11/07/16
UPGRADE
EVER
Buy
Parker-Hannifin upgraded to Buy from Hold at Evercore ISI
Evercore ISI analyst David Raso upgraded Parker-Hannifin to Buy and raised its price target to $135 from $113 based on lowered expectations, valuation, and and accelerating inflation. The analyst is encouraged by orders turning positive year-over-year in Q3 for the first time in 7 quarters and said Parker is in the sweet spot given its heavy distributor and broad manufacturer presence to any positive swing in industrial inventory stocking patterns.
11/07/16
MSCO
11/07/16
UPGRADE
Target $139
MSCO
Overweight
Parker-Hannifin upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Mili Pothiwala upgraded Parker-Hannifin with an Overweight and a $139 price target citing topline growth, high earnings achievability, and valuation.
11/07/16
11/07/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Time Warner (TWX) upgraded to Outperform from Neutral at Credit Suisse with analyst Omar Sheikh citing attractive valuation. 2. Waste Management (WM) upgraded to Overweight from Equal Weight at Barclays with analyst Jon Windham saying the recent pullback in shares provides a buying opportunity given the company's "strong" underlying fundamentals. 3. Parker-Hannifin (PH) upgraded to Buy from Hold at Evercore ISI and to Overweight from Equal Weight at Morgan Stanley. 4. Biogen (BIIB) upgraded to Overweight from Neutral at Piper Jaffray with analyst Joshua Schimmer saying the company still has time to "get its act together to maximize the value of its SMA franchise, and stop being M&A disciplined/pipeline-undisciplined." 5. Cummins (CMI) upgraded to Buy from Hold at Evercore ISI with analyst David Raso citing lowered expectations, valuation, and accelerating inflation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/08/16
JPMS
11/08/16
UPGRADE
Target $121
JPMS
Neutral
Parker-Hannifin upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Ann Duignan upgraded Parker-Hannifin to Neutral saying fears of a prolonged decline in U.S. manufacturing have not materialized. The analyst believes 2017 will be a better year for industrial activity following the U.S. elections. She upped her price target for Parker-Hannifin shares to $121 from $117.
CLC Clarcor
$82.41

11.955 (16.97%)

06/09/16
KING
06/09/16
INITIATION
KING
Neutral
Clarcor reinitiated with a Neutral at CL King

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