Jefferies Reiterates Buy on Ingersoll-Rand (IR) Ahead of 3Q Report
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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.
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