Trane initiated with an Outperform at Evercore ISI

Evercore ISI analyst Alexander Virgo initiated coverage of Trane (TT) with an Outperform rating and $535 price target The firm likes the company’s “best-in-class commercial” HVAC platform. Trane offers “high-quality” secular growth exposure, which is supported by its backlog conversion, installed base monetization, and consistent execution, the analyst tells investors in a research note. Evercore predicts 8% organic growth and double-digit earnings growth annually through 2028 for Trane.