The bullish firms believe PH is well-positioned to benefit from continued growth in manufacturing investment, significant capital deployment options, and an inventory cycle that is still in its early days (notably in high-margin Distribution channel).  The firms expect to see industrial capital expenditure driven by record corporate profits and low capital costs.  Massive under-investment in the downturn and the age of the equipments has increased the need to repair the existing devices, thus providing a boost to the MRO (Maintenance, Repair, and Overhaul) business. Furthermore, with a well-positioned balance sheet (leverage well below stated targets) and FCF generation expected to remain strong in the coming years, the firm believes Parker could drive potential earnings upside via capital deployment in the form of both selective growth investments and acquisitions.