Movement Alert｜Modine Manufacturing Intraday Rise 5.2%, $4 Billion Data Center Cooling Agreement and Earnings Beat Continue to Boost Shares

Market Focus06-02 00:39

On June 2, Modine Manufacturing rose 5.2% in regular trading, trading at $294.24/share, with trading volume of $254 million. The stock continued to benefit from a series of major positive catalysts announced in the prior week.

On the news front, Modine recently signed a landmark long-term capacity agreement with a strategic data center customer valued at over $4 billion, covering Airedale by Modine cooling solutions from 2027 through 2029. The customer provided a $165 million upfront cash payment to support capacity expansion. Additionally, the company reported fiscal Q4 adjusted EPS of $1.71, beating the consensus estimate of $1.55 by 9.6%, while revenue of $954.4 million exceeded the $920.7 million forecast. For fiscal 2027, management guided net sales growth of 20% to 35%.

Following these results, Oppenheimer raised its price target to $325 and B.Riley raised its target to $340, both maintaining buy ratings. Analysts noted the agreement strengthens Modine's leadership in the AI-driven data center cooling market and supports a forecast of 50% to 70% data center revenue growth in fiscal 2028.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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