UPDATE: Jefferies Raises PT to $94 on Parker Hannifin

A report from Jefferies reiterates its Buy rating and raises its price target from $92 to $94 on Parker Hannifin (NYSE: PH).In the report, Jefferies writes, “PH reported EPS of $1.91, $0.26 ahead of our expectation of $1.65. Segment volumes and margins were better than expected and contributed $0.20 to the beat. A lower share count added $0.05 and the lower tax rate made up the difference. F2012 guidance was increased to $7.25-$7.85 (up $0.45 at the midpoint) versus the initial outlook of $6.70-$7.50 and current consensus of $6.96. The outlook incorporates no additional share repurchases.”PH closed yesterday at $77.15.