KeyBanc raised the firm’s price target on Modine (MOD) to $150 from $125 and keeps an Overweight rating on the shares. The firm notes that following Modine’s Q1 earnings release, although the positive Data Center update was somewhat telegraphed by the company’s recent capacity addition announcement, KeyBanc walked away impressed by notably robust long-term Data Center trajectory and balanced Q1 beat. All in, the firm walked away with incremental conviction in its long-term thesis and sees shares continuing to re-rate higher as investors better appreciate the uniquely strong growth runway in Data Center and attractive transformation tailwinds.
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