Barclays Names Ingersoll Rand As Top Multi-Industry Pick

Barclays analyst Julian Mitchell lowered the General Electric Company GE price target to $122 (an upside of 26%) from $128 and maintained an Overweight rating on the shares.
Meanwhile, Julian Mitchell raised the Ingersoll Rand Inc IR price target to $70 (an upside of 18%) from $63 and maintained an Overweight rating on the shares.
Mitchell says 2022 looks to be shaping up as a typical "mid-cycle" year for the multi-industry sector, representing a "rebalance" following the V-shaped industrial economy over 2020-2021.
The analyst expects slowing growth, a less accommodating policy stance, and less dispersion in growth rates across different markets.
Sector valuation multiples appear "quite full," Mitchell contends. He replaced General Electric with Ingersoll-Rand as his top pick.
Price Action: GE shares are trading higher by 4.28% at $96.75 and IR higher by 0.85% at $59 on the last check Monday.