Stifel Reiterates Hold Rating on Parker-Hannifin (PH)

Stifel analyst Nathan Jones reiterated a Hold rating and $965.00 price target on Parker-Hannifin (NYSE: PH).

The analyst commented, "We examined correlations of PH's stock price to multiple data series and found that, by a wide margin, the highest correlation is the average monthly y/y change in the PH stock price relative to the y/ y change in the global PMI® index with a solid R-square of ~0.54. Over cycles and multiple time frames in the last 20+ years, PH stock has been a strong outperformer relative to the market and has provided investors with outsized returns. We believe using this correlation to the global PMI® as a guide should allow investors to trade around positions to enhance what has already amounted to strong returns with a “buy and hold” strategy. In the short term, our base case model predicts near-term volatility in PH stock, but our scenario analysis continues to suggest a positive risk/reward outlook over the next 12 months."

For an analyst ratings summary and ratings history on Parker-Hannifin click here. For more ratings news on Parker-Hannifin click here.

Shares of Parker-Hannifin closed at $952.00 yesterday.

You May Also Be Interested In

• Stripe, Advent In Talks To Buy Paypal - WSJ
• Home Depot (HD) call put ratio 1.5 calls to 1 put with a focus on September 330 puts into quarter results
• Cantor Fitzgerald Reiterates Overweight Rating on Merlin Labs (MRLN)