Ingersoll-Rand price target lowered to $109 from $114 at Baird

Baird analyst Michael Halloran lowered the firm’s price target on Ingersoll-Rand (IR) to $109 from $114 and keeps an Outperform rating on the shares. The firm said 3Q results were modestly ahead of expectations due to better-than-expected acquisition contributions and margin execution. Orders remain stable however conversion to sales continues to elongate on customer site readiness/capacity headwinds.