KeyBanc Starts Ingersoll-Rand (IR) at Buy
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KeyBanc initiates coverage on Ingersoll-Rand (NYSE: IR) with a Buy rating and $49 price target.
The firm said, "In short, we believe that the intrinsic characteristics and capabilities of IR's revamped business portfolio are not yet widely appreciated by investors, especially given perceptions around the timing of the Company's recent Trane acquisition and announcements of senior management turnover in the days leading up to and shortly following its close (June 5)."
KeyBanc views the Trane acquisition as a key platform for the combined entity to grow, reduce its cost structure, and proliferate best practices.
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