Modine Manufacturing price target raised to $43 from $38 at DA Davidson

DA Davidson raised the firm’s price target on Modine Manufacturing to $43 from $38 and keeps a Buy rating on the shares. The firm is “particularly bullish” on a handful of ‘singles/doubles’ organic initiatives within data centers, EV Battery Thermal Management Systems, stationary gen sets, and heat pumps, which have the potential to approach 20% of the company’s FY24 sales, the analyst tells investors in a research note. DA Davidson adds that there is plenty of room for further re-rating despite the strong outperformance in Modine shares year-to-date.