We are upgrading the recommendation on Parker Hannifin (PH) to Outperform with a $67 target price. We are encouraged that order trends have improved sequentially for the prior two consecutive quarters, indicating that the worst is behind the company.

Reflecting the benefits of restructuring actions and improving market conditions, it has increased its earnings guidance for fiscal 2010 to the range of $2.40 to $2.80 per share, representing a 44% increase from the midpoint of the previous estimate.

Cash on the balance sheet stands at $234 million with no commercial paper outstanding. Inventory has been reduced by $336 million since last year and days sales outstanding have improved over the prior year.

Zacks Investment Research

1. (PH) Parker Hannifin Corporation Tops Consensus ExpectationsParker Hannifin Corporation (PH) reported second quarter 2010 earnings per share of 64 cents, beating...
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4. (PH) Parker Hannifin Corporation Surpasses ExpectationsParker Hannifin Corporation (PH) reported fiscal 2010 first quarter net income, which declined 71% to...

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