BMO Capital analyst John Joyner downgraded Trane to Market Perform from Outperform with an $180 price target. The analyst said the downgrade is based on valuation, as the shares trade at 15x consensus estimated 2023 EBITDA compared with the S&P 500 at less than 12x. Joyner added that while Trane arguably warrants a premium, given its "many" positive attributes, he has less confidence in the back half of 2023 and 2024.
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