Stifel upgrades Ingersoll Rand to 'buy' on improving order trends
IR•Stifel raises rating and price target
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Stifel lifts its rating on air compressor maker Ingersoll Rand
IR.Nto "buy" from "hold", and raises its price target to $101 from $84. -
The new price target implies an upside of 21.1% from the stock's last close.
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The brokerage says it remains positive on the company, as stronger long-cycle orders, volume growth and pricing are expected to drive margin expansion.
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It says Europe, Middle East, India and Africa (EMEIA) orders fell due to project delays and Middle East weakness, though recent project releases indicate improving demand despite ongoing uncertainties.
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Seven of 15 brokerages rate the stock "buy" or higher, eight "hold"; their median price target is $94.50 — data compiled by LSEG.
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As of the last close, shares were up 5.3% year to date.
