Parker Hannifin (PH)

We are upgrading the recommendation on <b>Parker Hannifin</b> (<a href=&quot;http://www.zacks.com/stock/quote/ph&quot;>PH</a>) 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. <p> 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. <p> 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.

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