UBS Warburg cut estimates on Ingersoll-Rand (IR ).
Analyst David Bleustein says the company cited weakness in most of its U.S. end-user markets in June. He notes the company also cut the $3.00-$3.25 2001 EPS estimate to $2.25-$2.50, reflecting its expectation that U.S. demand will not recover in the near future, and concerns about weakness in the European and Latin American markets. He sees a risk of further EPS disppointments in the near term and increasing competitive pressures.
Bleustein cut his $3.00 2001 EPS estimate to $2.40, and cut the $3.60 2002 EPS estimate to $3.00. He also cut the $45 target to $42. He maintains hold.