Parker-Hannifin (NYSE:PH) Rating Increased to Market Perform at TD Cowen

Parker-Hannifin Corporation (NYSE: PH) is a global leader in motion and control technologies for industrial automation, aerospace, and medical applications. The company operates through two segments: Industrial Automation and Aerospace.

On July 21, 2021, TD Cowen, a leading financial services firm, announced that it has increased its rating on Parker-Hannifin from "Underperform" to "Market Perform." The upgrade was based on the company's strong financial performance and growth prospects.

According to TD Cowen, Parker-Hannifin has consistently delivered solid earnings growth over the past few years, driven by its focus on innovation and expansion into new markets. The company's Industrial Automation segment has benefited from increasing demand for automation solutions in industries such as manufacturing, while its Aerospace segment has seen strong growth due to rising demand for aerospace products and services.

TD Cowen also noted that Parker-Hannifin has a strong balance sheet, with a debt-to-equity ratio of 0.6x and a return on equity of 12%. The company's cash flow generation is also robust, with a free cash flow yield of 3%.

Overall, TD Cowen believes that Parker-Hannifin is well positioned to continue its growth trajectory, driven by its strong financial position, innovative products and services, and expanding market opportunities.