Ingersoll-Rand: A Terrific Turnaround Story?

Will Ingersoll-Rand Stock Disappoint?

Mad Money's Jim Cramer says Ingersoll-Rand is one of the most beaten down industrial stocks out there, and investors need to pay attention when the company reports next week because it has the potential to be a terrific turnaround story, but only if management lowers the bar; takes ownership of past failures; and lays out a credible plan for the future.

Ingersoll-Rand could be a terrific turnaround story, Cramer said Friday, but only if the industrial name addresses a few issues when it reports earnings next week.

CEO Michael Lamach needs to lower the bar, take ownership of past failures and lay out a credible plan for the future, the "Mad Money" host said. As it stands, Ingersoll-Rand's long-term targets are probably too high. Cramer thinks they need to come down to a level that can be beaten.

Meanwhile, Lamach has only been at the helm for 18 months, but he needs to realize he's no longer the new kid on the block, Cramer said. Going forward, the 47-year-old executive needs to hold himself accountable for any misses or failures.

Ingersoll-Rand is scheduled to deliver its earnings results before Thursday's opening bell.

What other earnings will Cramer watch next week? Click ahead for his "Game Plan."

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