Citi Downgrades Ingersoll-Rand (IR) to Hold
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Citi downgrades Ingersoll-Rand (NYSE: IR) to Hold. Price target $35.
Citi analyst says, "IR stock has a relatively compelling valuation story, particularly given the current configuration of its business portfolio has historically garnered higher multiples than traditional 'highly cyclical machinery businesses'. However, with this decade having marked a shift in investors' desire for more pure play stories leveraged to extended cycle infrastructure/commodity stories with global breadth, IR's business mix shift has not been in favor."
Ingersoll-Rand Company Limited (IR Limited) operates in three business segments: Climate Control Technologies, Industrial Technologies and Security Technologies.
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