Deutsche Bank Reiterates Buy on Ingersoll-Rand (IR)

Deutsche Bank is out with its report today on Ingersoll-Rand IR, reiterating Buy after IR's Annual Investor Day. In a note to clients, Deutsche Bank states, "The message focused heavily on IR's ambitious path from under- performer to over-achiever, reiterating the 5% p.a. productivity goal, 2ppts p.a. margin expansion and $5+ EPS goal in 2013. Skepticism remains but we highlight that IR is actually cheap on a plain-vanilla cyclical recovery, with nothing priced in for operational improvements. Reiterate Buy given upside to $53 PT." Shares of IR closed Wednesday at $44.51, up 0.07% from Tuesday's close.