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Waiting For Parker-Hannifin's Valuation To Become More Compelling, Argus Rates At Hold

Waiting For Parker-Hannifin's Valuation To Become More Compelling, Argus Rates At Hold - Parker-Hannifin Corporation NYSE:PH

Parker-Hannifin Corp PH 0.26% beat earnings per share and sales estimates at the beginning of August, sending shares upward for over a week.

Argus' Take

Argus' John Eade applauded Parker-Hannifin's Q4 results and share performance, but remains cautious on management's forecasts for 2017, as demand trends lacked stability. Due to Q4 strength, the analyst boosted FY17 EPS forecasts from $6.70 to $6.79 while implementing a FY17 EPS forecast of 7.44.

Eade believes Parker-Hannifin is on track to achieve its long-term goals and eventually being able to generate high single-digit EPS growth.

Costly Shares

Viewing share prices as too high for the stock, Eade reinstated his Neural position on the company. "We will look to get this well-managed company back on the BUY list once the stock's valuation becomes compelling," stated Eade.

According to TipRanks, John Eade has a 79 percent success rate and a +10.6 percent average return per recommendation. Eade is ranked 94 out of 4,124 analysts.

At time of writing, Parker-Hannifin traded at $123.77, down 0.47 percent on Thursday morning.

DateFirmActionFromTo
Aug 2016Goldman SachsMaintainsSell
Aug 2016JefferiesMaintainsHold
Aug 2016CitigroupMaintainsNeutral

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