UPDATE: ISI Group Lowers PT on Parket Hannifin to $85, Maintains Hold

ISI Group reiterates its Hold rating on Parker Hannifin

and lowers its price target to $85 from $89 to reflect lower international industrial forecasts. ISI Group comments, "Driven solely by our lowering our forecasts for organic sales growth & operating margins, as well as incorporating a weaker US$, for Parker's International Industrial business segment, we are lowering our EPS estimates and price target for Parker Hannifin. Parker's International Industrial segment represented 40% of fiscal 2011 total sales and 41% of profits. Parker's International Industrial sales mix is approximately 55% Europe/Mid-East/Africa, 33% Asia Pac, 12% LatAm. Our fiscal 2012 EPS forecast is lowered from $7.59 to $7.30, mgmt guidance is $7.25-$7.85, the consensus estimate is $7.44." PH closed at $82.44 per share on Friday.