KeyBanc Upgrades Ingersoll-Rand (IR) to Overweight

KeyBanc upgraded Ingersoll-Rand (NYSE: IR) from Sector Weight to Overweight with a price target of $80.00. Analyst Jeffrey D. Hammond expects consistent strong
execution, and he sees the stock's historical trading ranges as increasingly less relevant.

"In short, we see further runway on what has been consistently strong execution at driving margin improvement and above-average growth, both of which we expect to continue. In addition, we like IR's end market exposures, in particular its leverage to sustained improvement in N.A. construction (reflective of our broader macro thesis), with minimal risk to oil & gas and slow international markets/FX headwinds. Finally, we positively view the Company's straightforward approach to capital allocation, which includes a strong emphasis on returning cash to shareholders (through dividends and buyback), supplemented by logical bolt-on M&A (most recently FRIGOBLOCK, Cameron Centrifugal Compressor)," said Hammond.

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 $68.12 yesterday.

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