Trane price target raised to $555 from $525 at KeyBanc

KeyBanc raised the firm’s price target on Trane (TT) to $555 from $525 and keeps an Overweight rating on the shares following quarterly results. While the firm thinks Residential market expectations were well-calibrated into the print, KeyBanc was most impressed by Americas Applied, which delivered another quarter of over 100% order growth. With momentum building across the business, the firm now has increased conviction in its long-term thesis that Trane’s market outperformance and sales/order trajectory are sustainable.