Modine Manufacturing's (MOD) data center business could generate more than $4 billion in revenue by fiscal 2029, roughly four times current levels, driven by data center cooling demand, UBS said in a note emailed Monday.

The brokerage said Modine's Q1 is progressing in line with expectations, with easing supply constraints allowing revenue growth to reaccelerate beginning in the September quarter.

UBS projects Modine can sustain annual organic sales growth of more than 30%, led by data center cooling demand.

The firm reiterated its buy rating on the stock with $355 price target.

Price: 290.46, Change: -6.91, Percent Change: -2.32