New Trade for October 9th, 2020

Futures are pointing to a higher open again this morning on renewed stimulus talk hope.  All three benchmarks are tracking for strong weekly gains as this week of trading comes to a close.   

Investors with an interest in manufacturing – general industrials stocks are probably aware of the potential long term upside for high quality stocks within the group.  For those looking to add industrials, consider investing in Parker Hannifin Corporation (PH).

Parker Hannifin Corporation (PH) manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide.  

Bank of America recently listed PH as one of its top stocks for October.  Analyst Andrew Obin says investors “don’t fully appreciate the company’s operational improvements.”  The company is expected to report earnings on October 29th and Obin is forecasting a significant earnings beat on better-than-expected margins.  In addition, Obin says any economic data suggesting a recovery in industrial activity should be a bullish catalyst for the stock.  Bank of America currently has a “buy” rating and a $265 price target for PH stock.

B of A isn’t the only analyst group who are optimistic about PH stock.  Parker Hannifin currently has a consensus rating of “buy” based on 15 “buy” ratings, no ”hold” ratings and no “sell” ratings.