Jefferies Reiterates Buy on Ingersoll-Rand (IR) Ahead of 3Q Report
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Jefferies reiterated a Buy rating and $80.00 price target on Ingersoll-Rand (NYSE: IR) ahead of the company's 3Q earnings report. Climate order rates continue to outpace guidance for IR and underlying industry shipment/order trends have remained above expectations even as industrial markets have been a headwind. Jefferies anticipates additional legs to the growth story in Climate. Specifically, 3Q should show some benefit from the end of distributor destocking of older SEER equipment.
Analyst Stephen Volkmann commented, "IR has performed well YTD, up 15% vs. the S&P 500. For the 3Q, our $1.28E is in line with consensus, although we believe positive HVAC trends could support some modest upside. Climate bookings through 2Q outpaced revenue expectations and industry data through July was better than the 4% revenue growth baked into 3Q estimates. Industrial trends remain weak, but stable, in our view. We maintain our Buy rating."
Shares of Ingersoll-Rand closed at $65.27 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- Jefferies Raises Price Target on Finisar (FNSR) to $37 Following 2Q Beat and Raise
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesJefferies & Co, Standard & Poor's, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!