UPDATE: Jefferies Raises PT to $65 on Ingersoll-Rand Plc on Potential Spin-Off

Jefferies reiterated its Buy rating on Ingersoll-Rand Plc IR and raised the price target from $57.00 to $65.00. Jefferies noted, "We continue to view IR as one of our top picks in Machineryland following 4Q EPS of $0.76 vs. our $0.68E. Orders improved 2% y/y, flat from 3Q. The company was able to improve margins by 100bps y/y on flat revenues reflecting increased leverage through improving operations. IR repurchased $840 mln in shares in 2012 with more to come in 2013 as IR targets over $1 bln in free cash flow." Ingersoll-Rand Plc closed at $52.36 on Friday.