Modine Manufacturing

MOD · NYSE

$146.71−$2.88 (−1.93%)TodayMarket closed · Oct 20, 7:57 PM ET

Prev close $149.59

MOD analyst rating

BuyConsensus of 9 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy9
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $328.93 (+124.2% upside)

Low: $282.80
Now: $146.71
High: $449.40

Upgrades and downgrades

The latest rating actions, newest first

MOD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Oct 20, 2026	Initiates	Overweight	$275.00	12%
Baird	Oct 6, 2026	Initiates	Outperform	$300.00	50%
Oppenheimer	Oct 2, 2026	Maintains	Outperform	$300.00 → $260.00	59%
DA Davidson	Sep 29, 2026	Maintains	Buy	$330.00	49%
Keybanc	Sep 2, 2026	Maintains	Overweight	$280.00	54%
B. Riley Securities	Jul 30, 2026	Maintains	Buy	$340.00 → $305.00	46%
Keybanc	Jul 30, 2026	Maintains	Overweight	$370.00 → $280.00	54%
DA Davidson	Jun 22, 2026	Maintains	Buy	$330.00	49%
DA Davidson	May 29, 2026	Maintains	Buy	$265.00 → $330.00	49%
UBS	May 28, 2026	Maintains	Buy	$310.00 → $355.00	40%

The case for and against

Updated Oct 14, 2026

Bull case

Modine Manufacturing is well positioned for durable growth because its data center business is benefiting from multi-year hyperscaler visibility, broadening global demand, and technology-led share gains, supported by a landmark $4B+ chiller LTA through CY29 and a project funnel around $15B. The company’s transition to 3MW chillers should improve capacity efficiency and increase output from existing infrastructure, while its active supplier management, alternate sourcing, and component qualification efforts reduce near-term execution risk and support sequential margin improvement in FY27. Fundamentally, the business also has multiple growth levers across Climate Solutions and Performance Technologies, with management and analysts pointing to FY27 adjusted EBITDA of $650M-$680M and revenue growth of 20%-35% despite temporary supply chain headwinds.

Bear case

Modine Manufacturing is facing a fundamentally fragile near-term setup because its DC and CS businesses remain exposed to supply chain disruptions, with two specific suppliers and late-quarter component shortages already pressuring revenue, profitability, and chiller volume in F1Q27. Although roughly half of the 20 planned chiller lines are producing and management expects better fixed-cost absorption as output ramps, the model is still highly dependent on a complex, single-piece flow system where one supplier delay can stall production across hundreds of vendors. Even with raised DC revenue assumptions to $1.90B/$3.03B in FY27/FY28 and $4.00B in FY29, CS EBITDA margin is now modeled at 19.8% in FY27, down nearly 100 bps, underscoring margin risk and execution uncertainty.

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