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Fly News Breaks for July 16, 2018
PH
Jul 16, 2018 | 04:55 EDT
Goldman Sachs analyst Joe Ritchie downgraded Parker-Hannifin to Neutral and lowered his price target for the shares to $164 from $180. Over the medium term, consensus estimates look too high and peak cycle concerns are likely to persist, Ritchie tells investors in a research note. As such, he believes the stock's risk/reward at current levels skews more negative. The analyst, however, continues to believe that Parker-Hannifin "has a solid long-term margin story."
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