Modine Manufacturing (MOD) PT Lowered at KeyBanc on 'Margin Headwinds'

KeyBanc analyst David Tarantino lowered the price target on Modine Manufacturing (NYSE: MOD) to $225.00 (from $280.00) while maintaining an Overweight rating.

The analyst commented: "Margin Headwinds Overshadow Top-Line Momentum; While top-line and order strength is well appreciated and continues unabated, MOD continues to struggle with multiple headwinds on margins. While we remain confident that these issues are short-term in nature and can be mitigated over time, we are frustrated with the lack of progress. That said, we think the bad news is priced in and reflected in MOD's compressed multiple. We expect shares to outperform LT as these issues are resolved and MOD's production ramp matures into FY28. As such, we reiterate our OW with a $225 PT (from $280; reflects lower peer multiples and estimates)."

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