KeyBanc Capital Markets Downgrades Ingersoll-Rand To Hold (IR)

KeyBanc Capital Markets downgraded Ingersoll-Rand IR to Hold from Buy in a research report published today. In the report, KeyBanc Capital Markets states, "When we updated our thesis in early January, we had gotten comfortable that IR's visibility on its productivity initiatives into 2011 was solid and that the Company would be able to manage recent inflationary pressures with pricing actions already in place. Further, we were encouraged by early signs of recovery in its later cycle commercial HVAC markets, which showed up in results and order activity. However, 4Q10 results and 2011 guidance, both of which we view as disappointing, suggest that diminishing productivity momentum and commodity pressures will hold back operating leverage going forward." Shares of Ingersoll-Rand were at $46.30 in pre-market trading at the time of posting, down 5.57% from Tuesday's market close.