ISI Group Reiterates Hold, $89 Target on Parker-Hannifin
ISI Group maintains its Hold rating and $89 target price on Parker-Hannifin Corporation (NYSE: PH) as monthly check do not see moderation in distributors' sales outlook.
ISI says, “The distributors' 1-3 months sales outlooks see growth beyond December, important due to concerns for the entire sector that domestic growth could moderate post 2011 year end bonus depreciation related purchases (as well as pre-buying off-hwy machines in front of the more expensive interim tier 4 emission machines). Distributor visibility beyond 1-month, we believe, is limited, so we don't want to overstate the significance of the distributors' views but they are encouraging nonetheless.”
PH closed at $82.83 per share on Monday.
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