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Parker-Hannifin’s Target, Estimates Reduced at Credit Suisse (PH)

By: Dividend.com
Posted: 10/22/2012 8:54:00 AM
Referenced Stocks: PH

Motion and control systems maker Parker-Hannifin Corporation ( PH ) on Monday received some tepid commentary from analysts at Credit Suisse.

The firm maintained its "Outperform" rating on PH but cut its price target to $87. That new target suggests an 11% upside to the stock's Friday closing price of $78.50.

Credit Suisse also cut its earnings estimates for the company, citing PH's recently lowered guidance. On Friday, PH posted disappointing third quarter earnings results and offered a very weak full-year outlook.

Parker-Hannifin shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Parker-Hannifin ( PH ) have a 2.09% dividend yield, based on Friday's closing stock price of $78.50. The stock has technical support in the $72-$75 price area. If the shares can firm up, we see overhead resistance around the $83-$85 price levels.

Parker-Hannifin Corporation ( PH ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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 .