Parker-Hannifin price target raised to $670 from $630 at Stifel

Stifel raised the firm’s price target on Parker-Hannifin (PH) to $670 from $630 and keeps a Hold rating on the shares. The firm surveyed 33 domestic Parker-Hannifin distributors representing an estimated 8% of Parker’s Diversified Industrial North America revenue, reporting that distributors expect fiscal Q4 sales to be up 0.8% year-over-year, implying an expectation for accelerating demand in June. Q4 expected results for sales, inventory, and pricing were slightly better than expected compared to distributors’ expectations two months ago, the analyst noted.