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2019-07-11 21:22:24

Parker-Hannifin (PH +0.6%) edges higher despite suffering a second bearish analyst call in as many days.

Wells Fargo's Andrew Casey today downgraded the stock to Market Perform from Outperform with a $175 price target, slashed from $205, saying PH's potential looks increasingly complicated by ongoing end market growth deceleration in the U.S. and reduced likelihood for international growth pace re-acceleration.

J.P. Morgan's Ann Duignan previously cut PH to Neutral from Overweight and trimmed her price target to $169 from $186, citing weakening global industrial production and a dim view of the company's recently announced Lord acquisition.

seekingalpha.com Sa Editor Carl Surran
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