UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Raises PT on Ingersoll-Rand Co.
In a report published Monday, Bank of America Merrill Lynch reiterated its Neutral rating on Ingersoll-Rand Co. (NYSE: IR), and raised its price target from $48.00 to $54.00.
BofA Merrill Lynch noted, “The Wall Street Journal reported on Friday, December 7th that the activist shareholder Trian and Ingersoll-Rand have decided not to pursue an immediate break up of the company, but rather to focus on divesting some of the smaller assets (with the ClubCar golf cart business being named as a divestiture candidate). We don't view this as a surprise as our sum of the parts analysis indicates limited upside in the case of a breakup given the current level of margins and the state of IR's core markets (still waiting for the construction recovery in the US). We maintain our Neutral rating, but raise our PO to $54 as we move our valuation out to 2014.”
Ingersoll-Rand Co. closed on Friday at $48.69.
Latest Ratings for IR
|Sep 2016||KeyBanc||Downgrades||Overweight||Sector Weight|
|Jul 2016||Stifel Nicolaus||Maintains||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.