Modine Manufacturing recent weakness offers buying opportunity, says DA Davidson

DA Davidson analyst Matt Summerville keeps a Buy rating and $120 price target on Modine Manufacturing while noting that the stock’s recent weakness provides a buying opportunity. The firm hosted non-deal roadshow meetings with the company’s senior leadership and came away with strong conviction in its bullish long-term thesis and the stock’s ongoing re-rating, the analyst tells investors in a research note. Modine Manufacturing is leveraging its 80/20 tools to identify and fund “growth in the right places”, further optimize profitability and deepen its “operational excellence efforts”, the firm added.