Deutsche Bank analyst Nicole DeBlase upgraded Ingersoll-Rand (IR) to Buy from Hold and raised her price target for the shares to $136 from $107. The analyst also raised her price target on Hold-rated Gardner Denver (GDI) to $35 from $30. The deal combining Gardner Denver with Ingersoll-Rand's Industrial segment makes strategic sense and creates clear cost synergy opportunities, DeBlase tells investors in a research note. The analyst sees 11% upside to Ingersoll-Rand''s share price as the market comes to value Climate appropriately. She does not believe the current share price properly reflects the value of its Climate company.