Ingersoll Rand Earnings: Full-Year Guidance Raised After Solid First Half

Narrow-moat-rated Ingersoll Rand posted solid second-quarter results, with adjusted EBITDA increasing by 16% year over year to $495 million. We've raised our fair value estimate to $80 per share from $78, mostly due to time value of money. While we remain optimistic about the long-term outlook for Ingersoll Rand, we'd prefer to wait for a more attractive entry point, as shares are currently trading more than 15% above our updated fair value estimate.