- Parker-Hannifin (PH -5%) is downgraded to Underweight from Neutral with a $98 price target, lowered from $110, at J.P. Morgan on continued weakness of industrial production and the impact across the company's broad-end market exposure.
- The firm says PH's revenues are highly correlated with industrial production, and recent weak durable goods orders as well as expected extended shutdowns across several industries suggest downside to earnings estimates into FY 2017.
- JPM notes that given its June fiscal year-end, PH will be one of the earliest companies to introduce guidance into calendar 2017.