Wolfe Research downgraded Parker-Hannifin (PH) to Peer Perform from Outperform with a $512-$735 fair value range. The stock’s risk/reward is “balanced” at current levels given potential downside risk to the company’s fiscal 2026 guidance midpoint and “extreme crowding” in the shares. Wolfe no longer sees U.S. industrial lead indicators improving given tariff-related macro uncertainty. Parker’s Industrial business is still cyclical, and there are increasing risks of a U.S. recession that could further impair industrial demand, contends the firm.
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