Truist raises Parker-Hannifin PT after Q3 profit beats estimate

Truist Securities raises price target on Parker-Hannifin PH.N to $770 from $717, upside of 26% to the stock's last close

Says the airframes and engine component supplier will continue to look at both niche and larger acquisitions to accelerate the organic growth profile of the company and improve margins

Brokerage states, while the industrial economy remains challenged, the aerospace segment continues to exceed expectations on revenue and margins, offsetting weakness in North America and international industrial markets

Truist reiterates 'buy' rating on the stock

Shares are up 2% at $624 in early trading

18 of 23 brokerages rate the stock "buy" or higher, 5 "hold"; their median PT is $704.50 - data compiled by LSEG

Including session moves, stocks down 1.9% YTD