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JPMorgan Resumes/Downgrades Ingersoll-Rand (IR) to Neutral

March 27, 2013 8:58 AM EDT Send to a Friend
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Price: $60.20 -0.55%

Rating Summary:
    7 Buy, 15 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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JPMorgan today resumed coverage on Ingersoll-Rand (NYSE: IR) with a Neutral rating and a price target of 53. The stock was moved from Overweight to Restricted in December of last year. Prior to the restriction, Ingersoll-Rand's price target was $41.

Analyst C. Stephen Tusa, Jr said, "We acknowledge the recent outperformance, and think it's warranted, but, given our lukewarm view on the group now, we choose to maintain some dry powder and would consider stepping up on an
end market leverage basis in a pull back."

"Our neutral rating is based on a view of balanced earnings risks in the near term, and relatively less opportunities for balance sheet catalysts after the most recent buyback announcement (now discounted in estimates)," added Tusa.

For an analyst ratings summary and ratings history on Ingersoll-Rand click here. For more ratings news on Ingersoll-Rand click here.

Shares of Ingersoll-Rand closed at $55.38 yesterday.




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