Yahoo Finance Growth Investors: Industry Analysts Just Upgraded Their Parker-Hannifin Corporation (NYSE:PH) Revenue Forecasts By 12%
Shareholders in Parker-Hannifin Corporation (NYSE:PH) may be thrilled to learn that the analysts have just delivered a major upgrade to their near-term forecasts. The consensus estimated revenue numbers rose, with their view now clearly much more bullish on the company's business prospects.
Following the upgrade, the latest consensus from Parker-Hannifin's five analysts is for revenues of US$18b in 2023, which would reflect a notable 12% improvement in sales compared to the last 12 months. Prior to the latest estimates, the analysts were forecasting revenues of US$16b in 2023. The consensus has definitely become more optimistic, showing a nice increase in revenue forecasts.
Check out our latest analysis for Parker-Hannifin
Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. The analysts are definitely expecting Parker-Hannifin's growth to accelerate, with the forecast 12% annualised growth to the end of 2023 ranking favourably alongside historical growth of 2.8% per annum over the past five years. Compare this with other companies in the same industry, which are forecast to grow their revenue 5.9% annually. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Parker-Hannifin to grow faster than the wider industry.
The Bottom Line
The highlight for us was that analysts increased their revenue forecasts for Parker-Hannifin this year. Analysts also expect revenues to grow faster than the wider market. Given that analysts appear to be expecting substantial improvement in the sales pipeline, now could be the right time to take another look at Parker-Hannifin.
Looking to learn more? At least one of Parker-Hannifin's five analysts has provided estimates out to 2025, which can be seen for free on our platform here.
Another thing to consider is whether management and directors have been buying or selling stock recently. We provide an overview of all open market stock trades for the last twelve months on our platform, here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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