S&P Capital IQ Reiterates its BUY Rating on Parker Hannifin, Target Price Raised

October 19 00:00 2011

New York, October 19 (RainbowNewsLine.com) – Analyst Richard Tortoriello of S&P Capital IQ reiterates his BUY rating on the shares of Parker Hannifin (NYSE:PH), while raising his estimates for the company. The target price has been raised from $80 to $90.

Analyst Richard Tortoriello, in a research note published yesterday mentions that the company reported its Sep-Q EPS ahead of the estimates, driven by solid results from North America Industrial segment and reduced share count given the stock repurchase. According to the Analyst, the company’s growth opportunities are strong in all regions except Asia because of the tough competition in China. The profit margins are strong as there is a continuous recovery in the global market, the analyst adds. The EPS estimates for FY2012 and FY2013 have been raised from $6.85 to $7.55 and from $7.00 to $7.80, respectively.