Modine price target raised to $122 from $121 at Oppenheimer

Oppenheimer raised the firm’s price target on Modine (MOD) to $122 from $121 and keeps an Outperform rating on the shares. The firm notes that shares, while improving off post-Q4 levels, have lagged AI infrastructure peers quarter-to-date, presenting an opportunity. Oppenheimer believes investor debate currently centers on upside/downside to Modine’s 30%-plus data center revenue growth forecast for FY26, with pace of margin improvement and divestitures a secondary focus. While the firm anticipates capacity ramp inefficiencies and tough first half of the year comparable sales will produce a more back half-weighted FY26 vs. prior years, it believes Modine’s recent business wins, M&A, and track record of nimble 80/20 execution should translate to robust multi-year growth paced by data center.