UPDATE: J.P. Morgan Upgrades Ingersoll-Rand to Neutral, Names $53 PT on Recent Outperformance

In a report published Wednesday, J.P. Morgan analyst C. Stephen Tusa Jr. upgraded the rating on Ingersoll-Rand

from Not Rated to Neutral, and named a $53.00 price target. In the report, Tusa noted, “Following a period of restriction, we are moving to a Neutral rating and a Dec-13 price target of $53 (Overweight rating and December 2012 $41 price target prior to restriction) from a Not Rated designation. We acknowledge the recent outperformance, and think it's warranted, but, given our lukewarm view on the group now, we choose to maintain some dry powder and would consider stepping up on an end market leverage basis in a pull back.” Ingersoll-Rand closed on Tuesday at $55.51.