Parker-Hannifin Has Upside Potential - BofA Analyst Highlights PMI Trends And Meggitt Accretion's Role
Portfolio Pulse from Shivani Kumaresan
BofA Securities analyst Andrew Obin upgraded Parker-Hannifin Corp (PH) from Neutral to Buy and raised the price target from $435 to $475. The analyst cited PMI trends and the accretion from the Meggitt acquisition as reasons for the upgrade. Parker-Hannifin is committed to $300 million in synergies by FY26 and is targeting ~$75 million in run-rate savings for Meggitt exiting FY24. The analyst also compared PH's growth and returns to peers like Illinois Tool Works Inc. (ITW) and AMETEK, Inc.(AME).
October 05, 2023 | 7:41 pm
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POSITIVE IMPACT
Parker-Hannifin Corp's stock has been upgraded by BofA Securities from Neutral to Buy with a raised price target of $475.
The upgrade by BofA Securities, along with the raised price target, indicates a positive outlook for PH. The analyst's mention of PMI trends and the Meggitt accretion as factors for the upgrade further strengthens this outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
AMETEK, Inc. was mentioned as a peer to Parker-Hannifin Corp in terms of growth and returns.
The mention of AME as a peer to PH in terms of growth and returns is neutral. It does not indicate any specific impact on AME's stock.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Illinois Tool Works Inc. was mentioned as a peer to Parker-Hannifin Corp in terms of growth and returns.
The mention of ITW as a peer to PH in terms of growth and returns is neutral. It does not indicate any specific impact on ITW's stock.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50