Ingersoll Rand Receives Price Target Boost by Barclays Analyst Julian Mitchell

By Don Francis, Editor
April 3, 2024 6:46 AM UTC
Ingersoll Rand Receives Price Target Boost by Barclays Analyst Julian Mitchell

Barclays's Julian Mitchell raised their price target on Ingersoll Rand (NYSE: IR) by 4% from $101 to $105 on 2024/04/02. The analyst maintained their Strong Buy rating on the stock.

According to Mitchell, the update on price targets was part of their Q1 2024 preview of the Industrials (Conglomerates) group. Mitchell expressed optimism regarding the future prospects of the company and the industry as a whole. They noted that while investors already have high expectations and anticipate catalysts for organic sales growth acceleration, order trends are expected to be even stronger in Q2 compared to Q1. Mitchell also predicted that Q1 would unfold largely as expected, with signs of bottoming out in short-cycle industrials, which have been under pressure.

In addition to the revised price target for Ingersoll Rand, Julian Mitchell also made changes to other names in their portfolio. They raised their price target on Eaton Corp PLC by 20%, from $250 to $300, and upgraded the stock from Strong Sell to Hold. Mitchell also increased the price target on Allegion PLC by 0.8%, from $121 to $122, maintaining a Hold rating. Similarly, the analyst raised the price target on Dover Corp by 10.4%, from $163 to $180, and maintained a Hold rating. The price target for Emerson Electric Co was raised by 10.5%, from $95 to $105, while the target for Hubbell Inc saw a significant increase of 17.6%, from $340 to $400. Both stocks were also given a Hold rating.

It is worth noting that 75% of top-rated analysts currently rate Ingersoll Rand as a Strong Buy or Buy, while 25% consider it a Hold. No analysts recommend or strongly recommend selling the stock. The consensus forecast among analysts is that Ingersoll Rand's upcoming year will deliver earnings per share (EPS) of $2.1. If this forecast proves accurate, it would signify a 9.2% year-over-year increase in EPS.

In terms of stock performance, Ingersoll Rand has seen a significant rise in its price since its last quarterly report on 2023/12/31. The stock price is up 19.7% during this period and has shown a year-over-year increase of 58.8%. These figures highlight Ingersoll Rand's outperformance compared to the S&P 500, which has grown by 26.2%.

Barclays analyst Julian Mitchell, who made the price target revision, is highly regarded in the industry. Ranked in the top 1% out of 4,530 Wall Street analysts by WallStreetZen, Mitchell boasts an average return of 12.4% and an impressive 65.7% win rate. Their expertise spans across various sectors, including Healthcare and Financial Services.

Ingersoll Rand Incorporated, established in 1859 and headquartered in Davidson, NC, is a leading provider of air, fluid, energy, specialty vehicle, and medical technologies in the U.S. and internationally. The company offers a wide range of products, including air and gas compression, vacuum, and blower products, as well as fluid transfer equipment, power tools, and lifting equipment. Additionally, Ingersoll Rand manufactures specialized positive displacement pumps, fluid management systems, and related aftermarket parts. The company also provides air treatment equipment, controls, accessories, and services to its customers.

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