KeyBanc initiates coverage on Modine Manufacturing with 'over-weight'

KeyBanc Capital Markets initiates coverage on Modine Manufacturing MOD.N with 'over-weight' rating; sets PT at $125, which is premium of 32.8% from stock's last close

Brokerage says co's overall growth has been modest recently, but robust data centre tailwinds and upcoming exit from automotive business provides additional leverage in achieving long-term growth

"We believe MOD's data center cooling portfolio positions the company to not only capitalize on the strong end market growth, but also to become a leader in the space over time by leveraging its best-in-class portfolio," KeyBanc says

Notes co's more resilient cash flow and strong balance sheet allows for ample capital deployment opportunities in future

Six of seven brokerages rate stock "buy" or higher, one "hold" ; their median PT is $127.50 - data compiled by LSEG

As of last close, stock down 18.8% YTD