On June 2, Modine Manufacturing rose 5.2% in regular trading, trading at $294.24/share, with trading volume of $254 million. The stock continued to benefit from a series of major positive catalysts announced in 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 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 EPS of $1.71, beating the consensus estimate of $1.55 by 9.6%, while revenue of $954.4 million exceeded the $920.7 million forecast. 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. Analysts noted the agreement strengthens Modine's leadership in the AI-driven data center cooling market and supports a forecast of 50% to 70% data center revenue growth in fiscal 2028.

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