Ingersoll Rand falls after Melius downgrades on slow industrial momentum
Shares of air compressor maker Ingersoll Rand IR.N fall 1% to $88 premarket
Melius Research downgrades co's rating to 'hold' from 'buy', PT raised to $93, an upside of 4.5% from the stock's last close
Says co's earnings outlook seems more uncertain than usual, possiby due to macroeconomic or sector-specific headwinds
Also says the stock is already trading at the mid-to-high end of its historical PE range, suggesting limited room for multiple expansion
Notes despite the market's optimism, ongoing tariff uncertainty continues to weigh on industrial decision-making, a trend Ingersoll Rand had already highlighted in prior quarters
9 of 17 brokerages rate the stock "buy" or higher, 8 "hold"; their median PT is $91- data compiled by LSEG
As of last close, stock had fallen 1.6% YTD
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