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.
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