UPDATE: Jefferies Raises Target on Ingersoll-Rand to $44

Jefferies reiterates its Buy rating on Ingersoll-Rand (NYSE: IR) and raises its price target by $6 to $44 on better-than-expected earnings due to lower tax rates.

Jefferies says, "IR reported better-than-expected earnings of $0.76, the result of a $0.13 benefit from a lower tax rate. While revenues were a bit light, improved productivity and favorable price/cost kept operating results in line. The mid-point of 2012 guidance was a bit below consensus but included some new restructuring costs. More important, IR's sales and margin targets look quite conservative, setting a low bar to start the year."

IR closed at $37.99 a share on Wednesday.