Trane price target raised to $530 from $500 at Oppenheimer

Oppenheimer analyst Noah Kaye raised the firm’s price target on Trane (TT) to $530 from $500 and keeps an Outperform rating on the shares. The firm notes shares traded up Thursday after Trane beat Q1 top/bottom line Street estimates and raised FY26 guidance while reporting record quarterly bookings. Longer-cycle demand strength exceeded Oppenheimer’s expectations, and the firm now sees elevated backlog, capex plans, and M&A-supported wallet share expansion as likely supporting continued double-digit CVHAC growth into FY27.