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Parker-Hannifin is set to announce 2022 fiscal Q1 numbers on Thursday.
The company is months away from acquiring Meggitt, a deal that will increase the importance of the aerospace business and set the company up for another decade of growth.
Parker shares are fairly valued at current levels, but increased leverage from the Meggitt deal could be problematic in the event of a macroeconomic slowdown in the next two years.
I currently hold shares in Parker, but would wait for a pullback to ~$270 before adding to the position.