Nomura Securities Maintains a 'Neutral' on Ingersoll-Rand (IR); R-22 Dry-Ship Related Share Losses and Golf Cart Pain

Nomura Securities maintains a 'Neutral' on Ingersoll-Rand (NYSE: IR) price target of $32.00.

Nomura analyst, Shannon O'Callaghan, said, "IR’s lack of an R-22 dry ship residential HVAC offering appears to be leading to significant share loss, which is compounding pain from the shift to lower-end air conditioners that is negatively impacting the whole resi HVAC industry. Add in a decline in golf carts, and hose appear to be drivers of the 3Q pain. Thermo King could be an additional source of pressure on the way, as we think orders are likely turning down."

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 $29.73 yesterday.

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