It's time to play another confusing game of "Which Company Makes My Machine?" Round and round they go; where they stop, nobody knows.

The latest round comes from a Wall Street research study that explores Ingersoll-Rand selling what one equipment expert calls its crowning "jewel," the Bobcat compact-equipment line.

According to Wall Street analysts, Bermuda-based IR's recent attempt to get out of the cyclical business may not end with the pending $1.3-billion sale of its roadbuilding line to Sweden-based Volvo Group.

Bobcat Co. "would probably be the most likely candidate" for a next sale, say Merrill Lynch analysts in an April 18 research note to investors.

Equipment gurus closer to the industry say the rumor of a Bobcat sale has been building up since news of the Volvo deal. Officials at IR could not be reached for comment.

Merrill Lynch pegs the compact-equipment unit's value at $3 billion, and says IR could use proceeds to finance a $10.5-billion acquisition of heating, ventilation and air-conditioning giant Trane.

Bobcat's been on a roll, generating about $2.2 billion in revenue last year and accounting for about 19% of IR¹s consolidated revenue, the note estimates.

But the overbuilt North American housing market could slow down Bobcat, which holds about a 45% market share in the domestic skid-steer loader business. Domestic sales last year nearly hit 60,000 units, according to London-based Off-Highway Research.

Bobcat has been expanding abroad, as well, and holds about a 13% share of "a highly fragmented European market," adds Merrill Lynch.

The lengthy, 18-page research note goes on to say that a Bobcat-for-Trane deal would have a positive impact on IR¹s stock price. "We estimate that over one-third of Bobcat's business is directly or indirectly tied to the residential market," says the note.

Likewise, the acquisition of Trane "would complement the company's 'Cold Chain' growth strategy, by building out IR¹s presence in the HVAC market," it adds.

And though Bobcat is a tough business fraught with labor and logistical issues akin to manufacturing heavy equipment, "strategic buyers should be willing to pay a healthy premium for the best-in-class global franchise."

Though the research advice from Wall Street may sound convincing, not everyone is sold on the idea.

"I think they're fishing," says Charles R. Yengst, president of equipment analyst Yengst Associates Inc. of Wilton, Conn. "It's purely speculative."

Yengst calls Bobcat one of IR's "jewels," and says it is the "premier brand" in skid-steers, compact track loaders and mini-excavators. "I don't think they want to sell out on that one," Yengst explains.

Who's right? Who knows? But talk of such a deal is likely to be flying around at the Bauma mega-show in Munich next week, where 3,000 equipment exhibitors will be on hand to display their machines and make deals.

By the way, Bobcat plans to showcase its lineup at an outdoor booth, and IR plans to release its first-quarter earnings report on April 27, the fifth day of the April 23-29 Bauma show.

See you there.