Aerospace manufacturer Commercial Aircraft Corporation of China (COMAC) has named Parker Aerospace, a business segment of Ohio-based Parker Hannifin (PH), Supplier of the Year for customer services that it provided for COMAC’s ARJ21 program in 2020.
Parker Aerospace offers certification, development, integration, design, research, and lifetime service of lubrication, thermal management, exhaust air management, ducting, fluid conveyance, fuel and inerting, hydraulic, flight control and components for aerospace and other high-technology markets. (See Parker Hannifin stock chart on TipRanks)
Parker’s Customer Support Operations (CSO), which is supported by Parker Aerospace China (PAC) and Parker’s Hydraulic Systems Division (HSD), received the honor for a high rate of on-time delivery of ARJ21 ground support equipment and spares. It also achieved fast buildup of ARJ21 maintenance, repair and overhaul (MRO) capabilities in the Parker-FACRI joint venture that is situated in Xi’an, China.
The Vice-President of CSO at Parker Aerospace, Victor Jorcyk, said, “Through the efforts of our support team in China, we have expanded MRO capabilities utilizing our joint ventures and expansion of our in-country pooling offering. It is an honor to be recognized by COMAC as we continue to expand our in-country presence and capabilities.”
Last week, Stifel Nicolaus analyst Nathan Jones maintained a Buy rating on the stock with a price target of $373 (27.3% upside potential).
In a research note to investors, the analyst said, “Parker is unlikely to engage in a bidding war for Meggitt PLC (MEGGF) and unlikely to move much, if at all, from its current 800 pence per share offer if TransDigm Group Inc. (TDG) enters with a competing offer.
Overall, the stock has a Strong Buy consensus based on 6 Buys and 2 Holds. The average Parker Hannifin price target of $359.75 implies 22.8% upside potential. Shares of the company have gained 40.4% over the past year.
According to TipRanks’ Smart Score rating system, Parker Hannifin scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.
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