Stifel analyst Nathan Jones upgraded Parker-Hannifin to Buy from Hold with a price target of $229, up from $199. After the company cut its fiscal 2020 outlook heavily on the Q3 earnings call, the current outlook is "de-risked," Jones tells investors in a research note. Current macro trends indicate that we are about in the middle of what looks to be a "very shallow" industrial recession, says the analyst, who expects the industrial economy to return to growth in Q2 of 2020. Further, with recent positive developments on trade, Jones thinks investors can focus on the industry recovery, some inventory restocking, and Parker-Hannifin's synergies and growth from recent acquisitions.