Jefferies & Company Reiterates Buy Rating, $55 PT on Ingersoll-Rand PLC

In a report published Monday, Jefferies & Company reiterated its Buy rating and $55.00 price target on Ingersoll-Rand PLC IR. Jefferies noted, “IR announced the results of its strategic review this morning, noting it will spin off its security business, repurchase stock, and increase its dividend. We view the news as positive and continue our Buy rating. First blush, we see value from these transactions in the low to mid $50s for now, with additional upside from residential and commercial construction cycles. IR will host a 10:30AM conference call.” Ingersoll-Rand PLC closed on Friday at $48.69.