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Downgrade Alert for Parker Hannifin (PH)

By David Diaz

Parker Hannifin (NYSE:PH) was downgraded from Neutral to Underweight at JP Morgan today. The stock closed yesterday at $100.53 on volume of 2.4 million shares, above average daily volume of 1.2 million.

Potential upside of 5.2% exists for Parker Hannifin, based on a current level of $100.53 and analysts' average consensus price target of $105.77. The stock should run into initial resistance at its 200-day moving average (MA) of $103.90 and subsequent resistance at its 50-day MA of $110.44.

Parker Hannifin Corporation manufactures motion control products, including fluid power systems, electromechanical controls, and related components. The Company also produces fluid purification, fluid flow, process instrumentation, air conditioning, refrigeration, and electromagnetic shielding and thermal management products.

In the past 52 weeks, shares of Parker Hannifin have traded between a low of $83.32 and a high of $125.33 and closed yesterday at $100.53, which is 21% above that low price. The 200-day and 50-day moving averages have moved 0% lower and 0.87% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Parker Hannifin. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Parker Hannifin in search of a potential trend change.

Keywords: analyst upgrades/downgrades parker hannifin

Ticker(s): PH