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DA Davidson's Matt Summerville raised their price target on Modine Manufacturing Co (NYSE: MOD) by 3.9% from $255 to $265 on 2026/02/09. The analyst maintained their Strong Buy rating on the stock.

Modine Manufacturing reported its Q3 2026 earnings.

Raising their price target, Summerville cited the quarter's earnings beat.

Looking ahead, the analyst said that the company's data center funnel, win rates, and order bookings remain outstanding, with several potential long-term agreements on the hoizon as key hyperscalers seek to lock down needed capacity and in turn, de-risk future inbound orders.

Earnings Report

For Q3 2026, Modine Manufacturing reported:

• EPS of $1.19, which beat the Zacks Consensus Estimate of $0.99 and Q3 2025's $0.92.
• Revenue of $805M, which beat the Zacks Consensus Estimate by 5.9% and Q3 2025's $616.8M.

For FY 2026, management guided:

• 20% to 25% Y/Y revenue growth.

President & CEO Neil D. Brinker commented: "Modine delivered another quarter of outstanding performance, with 21 percent organic sales growth driven by a 78 percent increase in data center sales.

"The capacity expansion for data center products remains on schedule, with new production lines contributing to a 31 percent sequential increase in sales compared to the second fiscal quarter.

"Margins in the Climate Solutions segment improved sequentially this quarter, as expected, and we remain confident that we are on pace for a strong fourth quarter as more production lines are commissioned to keep pace with the strong demand.

"Last week, we made an important and historic announcement regarding the pending spin-off and combination of our Performance Technologies business with Gentherm.

"This marks a major milestone in our strategic transformation, including a significant acceleration of our strategy to evolve our portfolio to drive long-term value for our shareholders, customers, and employees.

"The combination of Performance Technologies with Gentherm will create a scaled leader in thermal management and solutions, while Modine will become a pure-play climate solutions company, focused on the high-growth data center and commercial HVAC and refrigeration markets."