Analysts Optimistic About Parker-Hannifin (PH) Prospects

Parker-Hannifin Corporation (NYSE:PH) is one of the 10 Best Stocks to Buy Before SpaceX IPO.

On April 13, Citi raised its target price on Parker-Hannifin Corporation (NYSE:PH) shares from $1,092 to $1,137 while maintaining a Buy rating. The update came after the firm revised its expectations for the first quarter. Industry trends are improving steadily, which can result in increased revenue in Q1 of the fiscal year, according to Citi.

Similarly, on April 10, Stifel raised PH’s target price to $1,000 from $965. The firm surveyed 37 different local Park-Hannifin distributors, which generate an estimated 11% of Parker’s Diversified Industrial North America earnings. The analysts were satisfied with the responses and maintained the buy rating on Parker-Hannifin Corporation (NYSE:PH) shares.

The stock is covered by 29 analysts on Wall Street, as per CNN’s compilation of analyst ratings. According to these ratings, the median price target of $1,090 reflects 10.9% upside in the stock. The highest price target on Wall Street is currently $1,168, which is close to Citi’s price target of $1,137.

Photo by NOAA on Unsplash

Parker-Hannifin’s motion and control systems, fuel systems, fluid connectors and valves, and thermal management expertise will become increasingly relevant as rocket launches become more common. Post SpaceX IPO, this strength could help drive a potential re-rating of the stock through increased investor interest.

Parker-Hannifin Corporation (NYSE:PH) operates as a seller and manufacturer of motion and control technologies and systems across a wide range of markets. These markets include in-plant and industrial equipment, energy, aerospace and defense, off-highway, HVAC and refrigeration, and transportation.

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