Modine Manufacturing Ignites Optimism: Analyst Foresees Positive Estimate Revisions By Benzinga

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Published Mar 19, 2024 18:15
Updated Mar 19, 2024 19:40

© Reuters. Modine Manufacturing Ignites Optimism: Analyst Foresees Positive Estimate Revisions

Benzinga – by Priya Nigam, Benzinga Staff Writer.

Modine Manufacturing Co (NYSE: MOD) recently saw a rise in short interest in its stock.

The company has multiple catalysts that may support positive estimate revisions and its share price, according to Oppenheimer.

The Modine Manufacturing Analyst: Noah Kaye initiated coverage of Modine Manufacturing with an Outperform rating and price target of $105.

The Modine Manufacturing Thesis: The company’s ability to leverage thermal management capabilities has driven high growth in diverse end-markets, including EV thermal management systems, gensets and data center cooling, Kaye said in the initiation note.

Check out other analyst stock ratings.

“We believe this core should enable success in the next stages of Modine’s portfolio growth (e.g., data center evaporative and liquid cooling, EV systems),” the analyst wrote.

Modine Manufacturing’s data center cooling business emerged as “an important supplier to the AI ecosystem,” and could represent 25% of sales in the next four years, he added.

“Modine’s industrial transformation has allowed the company to focus resources toward highest-return opportunities, transform its portfolio, and structurally improve business quality,” Kaye stated. He added that the company could continue to exit lower-margin businesses, focus on high-growth markets like data center and EVs, and migrate from component- to system-level solutions.

MOD Price Action: Shares of Modine Manufacturing had risen by 4.17% to $93.20 at the time of publication on Tuesday.

Read Next: Jensen Huang Says Nvidia Is Not Just A Chipmaker, Puts $2T Valuation Up Against $100T AI Opportunity

Photo: Shutterstock

Latest Ratings for MOD

Aug 2020Sidoti & Co.MaintainsBuy May 2020Sidoti & Co.MaintainsBuy Nov 2019BairdDowngradesOutperformNeutral View More Analyst Ratings for MOD

View the Latest Analyst Ratings

© 2024 Benzinga does not provide investment advice. All rights reserved.

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Modine Manufacturing Ignites Optimism: Analyst Foresees Positive Estimate Revisions

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