Building systems maker Ingersoll-Rand PLC ( IR ) on Wednesday saw its price target cut by analysts at Bank of America.
The firm maintained its "Buy" rating on IR buy lowered its price objective from $52 to $44. That new target still suggests a massive 51% upside to the stock's Tuesday closing price of $29.11.
Ingersoll-Rand shares, which have plunged more than 38% year-to-date, were unchanged in premarket trading Wednesday.
The Bottom Line
Shares of Ingersoll-Rand ( IR ) have a 1.65% dividend yield, based on last night's closing stock price of $29.11. The stock has technical support in the $23-$27 price area. If the shares can firm up, we see overhead resistance around the $31-$35 price levels.
Ingersoll-Rand PLC ( IR ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.
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