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.
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