Stifel lifts Parker-Hannifin PT on improving dealer sentiment

Stifel raises motion control products maker Parker-Hannifin PH.N price target to $709 from $670, a downside of about 1% to the stock's last close

Rating unchanged at 'hold'

Brokerage says co's near-term outlook improved as distributors report better expectations for sales and inventory in the coming quarters, signaling cautious optimism in the demand outlook

Further says fewer dealers now anticipate a recession, suggesting a more stable macroeconomic sentiment

24 brokerages on average rate the stock equivalent to 'buy'; median PT is $735- data compiled by LSEG

As of last close, stock had risen 12.3% YTD