UBS analyst Neal Burk reiterated a Buy rating and $135.00 price target on nVent Electric (NYSE: NVT).

The analyst commented, "[M]anagement said that the company's data center pipeline is "much bigger than people think", and that it's not yet in the 1st inning of nVent's data center opportunity. This is an encouraging comment, after a year of data center organic sales growth of 40% and order growth of over 100% (on our math). We expect nVent to disclose its data center content per megawatt at the investor day on Wednesday next week, and believe that this will help to frame the meaningful upside to its revenue over the next several years. For example, assuming NVT has $1 million of content per megawatt and there are 100 gigawatts of capacity added, then there is a $100 billion addressable market beyond what exists today. This is significant compared to NVT's current $1 billion of data center sales."

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Shares of nVent Electric closed at $107.87 yesterday.