Fly News Breaks for December 16, 2019
Dec 16, 2019 | 06:43 EDT
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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