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Investing.com - KeyBanc raised its price target on Modine Manufacturing (NYSE:MOD) to $160.00 from $150.00 on Monday, while maintaining an Overweight rating on the stock. According to InvestingPro data, the stock has surged over 50% in the past six months, though current valuations appear stretched with a P/E ratio of 38.5x.
The price target increase reflects KeyBanc’s growing confidence in Modine’s ability to capitalize on strong demand trends in the data center cooling market, where the company has recently seen accelerating growth.
Modine recently announced an additional $100 million investment in data center cooling capacity, primarily focused on chillers. The company indicated this investment decision was driven by a meaningful recent acceleration in underlying demand.
KeyBanc noted that Modine expects data center growth to accelerate significantly in the second half of the year, reflecting the company’s improved ability to deliver on strengthening demand trends.
While some investors have expressed concerns about potential overcapacity in the future, KeyBanc highlighted that much of Modine’s additional capacity comes from conversions of existing facilities, and management remains confident in long-term growth sustainability, supported by ongoing AI computing developments.
In other recent news, Modine Manufacturing Company reported a robust start to fiscal year 2026, surpassing analysts’ expectations for both earnings per share (EPS) and revenue. The company’s EPS was $1.06, which was 11.58% higher than the forecasted $0.95. Additionally, Modine’s revenue reached $682.8 million, exceeding the anticipated $652.76 million by 4.6%. These results highlight a strong financial performance for the company. The earnings announcement was followed by a significant increase in Modine’s stock, although specific stock price movements are not the focus here. Analyst firms have not yet provided new upgrades or downgrades following this announcement. Investors are likely to take note of these positive financial results as they assess the company’s future prospects.
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