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PH

Parker-Hannifin

$207.61

1.19 (0.58%)

05:24
12/17/19
12/17
05:24
12/17/19
05:24

Parker-Hannifin upgraded to Buy from Hold at Stifel

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.

PH Parker-Hannifin
$207.61

1.19 (0.58%)

12/10/19
GSCO
12/10/19
UPGRADE
Target $230
GSCO
Buy
Parker-Hannifin upgraded to Buy from Sell at Goldman Sachs
Goldman Sachs analyst Joe Ritchie double upgraded Parker-Hannifin to Buy from Sell with a price target of $230, up from $180. The market has pre-traded the bottom in the Institute for Supply Management Index faster this year than it has historically as cyclical performance has caught up to defensives, Ritchie tells investors in a research note. However, the analyst believes there is still room for this trade to continue, noting the ISM has stabilized and historically cyclicals have typically outperformed for at least the 12 months following stabilization. As such, Ritchie is taking a "more pro-cyclical approach" to his coverage and double upgrading "cyclical bellwether" Parker-Hannifin. The shares will outperform from here as the company's multiple has historically re-rated meaningfully within one year of the ISM troughing, says the analyst.
12/10/19
12/10/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Parker-Hannifin (PH) double upgraded to Buy from Sell at Goldman Sachs with analyst Joe Ritchie saying the market has pre-traded the bottom in the Institute for Supply Management Index faster this year than it has historically as cyclical performance has caught up to defensives. 2. Redfin (RDFN) upgraded to Buy from Neutral at DA Davidson with analyst Tom White citing his increased belief in the potential of the company's Mortgages/Title businesses, which he estimates generating up to $55M of EBITDA by 2025 and representing up to 40% of the company's total. 3. Adecoagro (AGRO) upgraded to Overweight from Neutral at JPMorgan with analyst Lucas Ferreira saying the stock's "three main value drags" are being resolved with reduced uncertainties on its capital allocation, sugar prices bouncing back after three years of surplus, and risk from Argentina's political environment now being priced into the shares. 4. Monro (MNRO) upgraded to Buy from Neutral at Guggenheim with analyst Ali Faghri citing the view that the company's store refresh initiative presents an underappreciated source of sales and earnings upside. 5. Owens-Illinois (OI) upgraded to Buy from Neutral at Goldman Sachs with analyst Brian Maguire saying he sees "clearer evidence" that the company is taking action to unlock value via asset sales and self-help. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/11/19
MSCO
12/11/19
NO CHANGE
MSCO
Morgan Stanley upgrades U.S. Multi-Industry view to Attractive, ups three stock
Morgan Stanley analyst Joshua Pokrzywinski upgraded his industry view on the U.S. Multi-Industry sector to Attractive from In-Line, as he believes expectations around capital spending are quite low despite several years of underinvestment, sees limited excess capacity, and sees signals that improvement in trade is likely to release pent-up demand in the economy. He believes all three of his top picks in the Electrical Equipment and Multi-Industry sector - namely Fortive (FTV), Emerson (EMR) and Gardner Denver (GDI) - capture those cyclical tailwinds as well as having "idiosyncratic rerating stories," Pokrzywinski tells investors. He also upgraded Rockwell Automation (ROK) and Grainger (GWW), each to Equal Weight from Underweight, as he believes a firming cycle warrants a more constructive view on cyclical names. Other stocks in the sector mentioned by Pokrzywinski in his note include Parker-Hannifin (PH), Allegion (ALLE), Eaton (ETN), Hubbell (HUBB), Dover (DOV), Ametek (AME), Fastenal (FAST) and Stanley Black & Decker (SWK).
12/16/19
WELS
12/16/19
UPGRADE
Target $230
WELS
Overweight
Parker-Hannifin upgraded to Overweight from Equal Weight at Wells Fargo
Wells Fargo analyst Andrew Casey upgraded Parker-Hannifin to Overweight from Equal Weight with a price target of $230, up from $205. The company's current fiscal 2020 guidance "appears to limit downside risk," Casey tells investors in a research note. U.S. and international industrial short-cycle demand may be bottoming with trend improvement over the next four quarters against progressively easier year earlier comparisons and dissipating channel destocking, adds the analyst. Further, Casey sees ongoing internal return improvement initiatives plus decreasing cost headwinds amplifying Parker-Hannifin's earnings response to revenue recovery.

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