Trane initiated with a Perform at Oppenheimer

Oppenheimer analyst Noah Kaye initiated coverage of Trane with a Perform rating and no price target. While the firm calls Trane "a best-of-breed" heating, ventilation, air conditioning and refrigeration play with strong brands levered to fast-growing vertical markets and "an innovation flywheel" likely to support continued strong execution, above-average organic growth, and margin expansion, the firm sees fewer catalysts for the shares to re-rate further relative to peers.