Ingersoll-Rand downgraded at MKM

• Ingersoll-Rand (IR) catches a downgrade to Neutral from Buy at MKM Partners.
  
• "With expectations that recovery is upon us and the Allegion spin complete, valuation appears fair versus other premium multi-industrials and the IR-specific major catalysts are behind us," analyst Joshua Pokrzywinski says, adding that he isn't "convinced that 2014 will be a strong recovery year for institutional markets where IR's larger HVAC offering is more prominent."
• Price target is $58.