I see this going up another 20%, to about $58.25 but the S/P watch is a little more conservative: Either way it's a BUY: )smitten(

S&P MAINTAINS BUY RECOMMENDATION ON SHARES OF PARKER-HANNIFIN
Tuesday 06/09/2009 11:06 AM ET - Standard & Poor's Research Notes
We raise our target price for the shares by $10 to $55 based on continued signs of economic improvement in the U.S. and globally. We continue to see current price as opportunity to acquire what we view as world-class company at historically low valuation levels. Our target price values PH at 10X its average EBITDA over the last eight years, which we see as low relative to a 20-year average trailing 12-month EV/EBITDA ratio for the industrials sector. We continue to view PH as one of the best-managed companies in our coverage group, and see it boosting efficiency during downturn.