PH - Parker-Hannifin Has Upside Potential - BofA Analyst Highlights PMI Trends And Meggitt Accretion's Role | Benzinga
BofA Securities analyst Andrew Obin upgraded the shares of Parker-Hannifin Corp (NYSE: PH) from Neutral to Buy and raised the price target from $435 to $475.
According to the analyst, the PMI has seemingly bottomed. The analyst's destocking thesis has not played out as lead times remain stubbornly high, limiting risk to headline PMI.
Meggitt accretion is a continuing source of upside/margin of safety and PH continues to close the gap on margins/returns with high-quality capital allocators, added the analyst.
While the analyst recognizes potential macro risks, the industrial ...