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Goldman Keeps Parker Hannifin on Recommended List

Parker Hannifin (PH) says June orders for North American Industrial business increased 2%, while Rest-of-World Industrial segment increased 5%.

Goldman Sachs reiterated recommended list rating. Analyst Joanna Shatney says PH's June orders continued to support global industrial recovery, although it remains slow. She says the recovery for North America is likely to accelerate later this calendar year, and expects management guidance for fiscal year 2003 to be conservative and more back-end loaded.

However, restructuring benefits should provide EPS cushion for volume issues in other businesses. She maintains $1.80 fiscal year 2002 (June) EPS estimate, and $2.70 in fiscal year 2003. She has a $58 price target.

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