Movement Alert｜Modine Manufacturing Rises 5.02% in Regular Trading, $4 Billion Data Center Cooling Agreement and Earnings Beat Continue to Fuel Rally

Market Focus06-02 22:48

On June 2, Modine Manufacturing rose 5.02% in regular trading, trading at approximately $302.90/share, with trading volume of $79.94 million. The stock continued its upward momentum driven by multiple catalysts announced 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 the supply of 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 earnings of $1.71 per share, beating the consensus estimate of $1.55 by 9.6%, while revenue of $954.4 million surpassed expectations of $920.7 million, representing 47.5% year-over-year growth. 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, citing the agreement as reinforcing Modine's leadership in AI-driven data center cooling markets.

(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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