UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Ingersoll-RandPLC

In a report published Friday, Credit Suisse Group reiterated its Outperform rating on Ingersoll-Rand PLC

, and raised its price target from $47.00 to $51.00. Credit Suisse noted, “Ingersoll-Rand in the coming days is likely to issue the results of its strategic review, which has been taking place since midyear. We think that the stock is worth owning into this event, as expectations are not particularly high-Lennox has seen its share price rise by ~6% more than IR over the past 12 months, suggesting that end-market attributes, rather than self-help, have been the dominant driver of performance. IR's share price is flat with 2 years ago, and its valuation is inexpensive (2013 P/E of 12-13x). We continue to think that IR is capable of generating medium-term EPS of $5, implying fair value of $60-plus. We increased our TP to $51 (from $47).” Ingersoll-Rand PLC closed on Thursday at $48.20.