By Dhirendra Tripathi
Investing.com – Parker-Hannifin (NYSE:PH) rose more than 2% in Wednesday’s trade as KeyBanc analyst Jeffrey Hammond upgraded the stock to overweight with a target of $350.
The new target translates into an 18% upside from the stock’s current level. Hammond is holding on to his belief that Parker is early in a multi-year upcycle.
According to the analyst, the company has room to push margins more clearly into the top quartile of its peer group.
He believes Parker’s acquisitions have been value-creating and improve its profitability mix while balancing cyclicality.
Hammond thinks that the share’s recent underperformance is overdone. The stock has fallen by around 7% in the last two months.