Jefferies Reiterates Buy on Ingersoll-Rand (IR) on Recent Pullbacks

Jefferies reiterates a Buy rating and $78.00 price target on Ingersoll-Rand (NYSE: IR) on recent pullback. Since the end of 2Q the shares of IR have declined nearly 20%.

Analyst Stephen Volkmann commented, "Since the end of 2Q the shares of IR have declined nearly 20% (S&P down ~6%). We believe that the pressure is overdone given the positive construction (commercial and residential) end markets in addition to positive trends in the high margin transport refrigeration market. We continue to recommend the shares of IR and maintain our estimates and price target."

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 $54.96 yesterday.

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