Wells Fargo Maintains a 'Market Perform' on Ingersoll-Rand (IR); Previews Negatively--Likely Significant Negative Reaction

Wells Fargo maintains a 'Market Perform' on Ingersoll-Rand (NYSE: IR) price target range lowered from $35-37 to $33-$35.

Wells analyst says, "Given the continued underperformance of Residential Solutions, the company appears to be at a disadvantage to achieve the 2013 potential $5-5.75 it has discussed in recent investor meetings. Until IR gives investors a reason to believe its longer-term goals are achievable, we believe other stocks in our universe provide more upside potential."

"The headwinds seen in Q3 2011 likely continue to weigh on company earnings power joined by an incremental negative foreign currency headwind beginning in Q4 2011. We are reducing our Q3 2011E EPS to $0.79 from $0.90, 2011E to $2.75 from $2.90, 2012E to $3.05 from $3.20 and 2013E to $3.45 from $3.64."

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 $31.96 yesterday.

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