Bloomberg News

JPMorgan Drops Ingersoll-Rand Coverage, Citing Hiring as Adviser

May 10, 2012

JPMorgan Chase & Co. (JPM:US) dropped equity research coverage of Ingersoll-Rand Plc, saying the bank is now acting as an adviser to the maker of Trane air conditioners.

JPMorgan’s advisory role was announced on May 9, according to a note today from analyst Stephen Tusa, who had an overweight recommendation on shares of Swords, Ireland-based Ingersoll- Rand.

Misty Zelent, a spokeswoman for Ingersoll-Rand, said in a telephone interview that the company didn’t announce JPMorgan as an adviser and has retained the bank’s services periodically over several years.

Earlier this week, Trian Fund Management LP, the investment fund of Nelson Peltz, announced it took a 7.3 percent stake in Ingersoll-Rand and would seek talks with management.

To contact the reporter on this story: Thomas Black in Dallas at tblack@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net


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    • $60.94 USD
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