BofA analyst Andrew Obin raised the firm’s price target on Trane to $187 from $160 and keeps an Underperform rating on the shares. Q2 revenue and adjusted EPS were ahead of the firm’s forecasts and the Street and the firm cites both peer re-rating and higher earnings for its increased price target. However, BofA maintains an Underperform rating given concerns about residential trends in 2023, its view on the potential slowing of the non-residential market into 2024 and the stock’s valuation relative to HVAC peers.
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