Nomura Securities Maintains a 'Reduce' on Ingersoll-Rand (IR); Lowers PT

Nomura Securities maintains a 'Reduce' on Ingersoll-Rand (NYSE: IR) price target lowered from $45 to $42.

Nomura analyst, Shannon O’Callaghan, said, "IR reported 2Q EPS of $0.88 (included a $0.05 gain in Climate), so excluding the gain, the $0.83, 2Q EPS missed our estimate of $0.85, consensus of $0.93 and guidance of $0.85-0.95. We reduced our price target to $42, or 12x our 2012 estimate of $3.50. Revenues in Industrial Technologies and Security exceeded our estimates and bookings are solid in Climate, Industrial and Security. However, given the 2Q miss – 3Q guidance below consensus, 4Q implied guidance conflicts with seasonality, residential weakness in the market as well as R-22 pressure on IR and self-inflicted new product launch wounds – we see no quick fix in sight."

For more ratings news on Ingersoll-Rand click here and for the rating history of Ingersoll-Rand click here.

Shares of Ingersoll-Rand closed at $41.03 yesterday.

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