UBS Raises PT on Ingersoll-Rand (IR)
UBS today maintained a Buy rating on Ingersoll-Rand (NYSE: IR) and boosted its price target to $71.00 (from $61.00). Comments follow the company's Q2 results.
Analyst Jason Feldman said, "2Q showed solid execution, with encouraging signs in some end markets (albeit, with incremental weakness at Industrial / Security). We still see FY14 cons. ests. as materially too low, and UBSe of $4.50 (reflects combined earnings power of IR and Allegion) is well above cons. $4.20. In addition to ~$1.5B of repurchases over the next 9 months, we believe we are in the early stages of a multi-year non-res. construction recovery, IR has years of substantial margin upside remaining, and the spinoff should result in M&A interest for Allegion (Security)."
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 $62.95 yesterday, with a 52 week range of $39.21-$63.33.
Analyst Jason Feldman said, "2Q showed solid execution, with encouraging signs in some end markets (albeit, with incremental weakness at Industrial / Security). We still see FY14 cons. ests. as materially too low, and UBSe of $4.50 (reflects combined earnings power of IR and Allegion) is well above cons. $4.20. In addition to ~$1.5B of repurchases over the next 9 months, we believe we are in the early stages of a multi-year non-res. construction recovery, IR has years of substantial margin upside remaining, and the spinoff should result in M&A interest for Allegion (Security)."
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 $62.95 yesterday, with a 52 week range of $39.21-$63.33.