Parker-Hannifin’s Target, Estimates Boosted at Citigroup (PH)

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Motion and control technologies company Parker-Hannifin Corporation ( PH ) on Wednesday saw its price target and earnings estimates raised by analysts at Citigroup.

The firm said it boosted its estimates for PH through 2013, citing higher realized margins. Citigroup maintained its "Buy" rating and introduced a new $94 price target, which implies an 18% upside to the stock's Tuesday closing price of $79.83.

Despite the upgrade, Parker-Hannifin shares fell 50 cents, or -0.6%, in premarket trading Wednesday.

The Bottom Line
Shares of Parker Hannifin ( PH ) have a 1.45% dividend yield, based on last night's closing stock price of $79.83. The stock has technical support in the $75 price area. If the shares can continue to climb, we see the all-time high levels of $84-$85 as the next level of overhead resistance.

Parker-Hannifin Corporation ( PH ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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