Modine Manufacturing's stock plummeted 6.83% during intraday trading on Thursday, as the broader market faced headwinds from geopolitical tensions and inflation concerns.

Despite receiving positive analyst coverage with both Oppenheimer and UBS raising their price targets for the company due to strong margin outlook, the stock declined sharply. The positive analyst actions were overshadowed by broader market weakness, with U.S. stock index futures edging lower as escalating tensions between the U.S. and Iran dampened hopes for peace and investors awaited key inflation data.

The Building Products sector, where Modine Manufacturing operates, showed broad weakness during the session, contributing to the stock's decline despite the favorable analyst commentary.