Morgan Stanley analyst Joshua Pokrzywinski initiated Ingersoll-Rand with an Overweight rating and a price target of $111 as part of his broader research note on Electrical Equipment & Multi-Industry Industrial stocks. The analyst cites the company's "sound mix of value, lower cyclical volatility than investors appreciate, and upside optionality on margin execution". Pokrzywinski adds that the "visibility of commercial HVAC and favorable underlying industry dynamics of high replacement and strong pricing power" help the company offset some of the cyclical risk.