KeyBanc raised the firm’s price target on Trane (TT) to $525 from $500 and keeps an Overweight rating on the shares. Following the firm’s quarterly channel work, KeyBanc says Q1 demand appears to have started slowing but improved throughout the quarter and into April. All in, while Q1 demand appears healthier than the firm originally anticipated, in a shoulder quarter, KeyBanc gets the sense questions around tariff impacts are likely to dominate earnings discussions and drive stock reactions.
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