Parker-Hannifin price target raised to $845 from $735 at Raymond James

Raymond James analyst Tim Thein raised the firm’s price target on Parker-Hannifin (PH) to $845 from $735 and keeps an Outperform rating on the shares. Parker-Hannifin warrants a valuation at least in line with the upper tier of large cap industrial compounders, the analyst tells investors in a research note. Parker’s Aerospace group is well-positioned to benefit from a number of tailwinds, including rising global commercial air traffic, aging fleets and secular growth in global defense spending, the firm says.