Ingersoll Rand Earnings: Full-Year Outlook Raised After Strong Q3 Revenue Growth

We've raised our fair value estimate for narrow-moat-rated Ingersoll Rand to $69 from $67 after the company posted solid third-quarter results, featuring a 23% year-over-year increase in adjusted EBITDA. Management raised the full-year outlook for the third time this year and now anticipates organic revenue growth of 9%-11% (up from 8%-10%) and adjusted EBITDA of $1,730 million-$1,770 million (up from $1,690 million-$1,740 million). The fair value increase is driven by our slightly more optimistic near-term revenue growth projections as well as time value of money.