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.
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