Modine price target raised to $160 from $150 at KeyBanc

KeyBanc analyst David Tarantino raised the firm’s price target on Modine (MOD) to $160 from $150 and keeps an Overweight rating on the shares. Modine recently announced an additional $100M investment in Data Center cooling capacity, with management highlighting that the incremental investment is entirely informed by the meaningful recent acceleration in underlying demand, the analyst tells investors in a research note. The firm believes modular represents a meaningful opportunity for Modine, with incremental opportunities long-term to pull-through modular products to other customers.