** 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

(Reporting by Apratim Sarkar)

((Apratim.Sarkar@thomsonreuters.com))