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Fly News Breaks for August 30, 2019
MOD
Aug 30, 2019 | 06:57 EDT
DA Davidson analyst Matt Summerville initiated Modine Manufacturing with a Neutral rating and a price target of $11.50. The analyst notes that while the stock looks "inexpensive" and a potential deal to divest its auto business could bring about a re-rating, he is concerned with the company's weakening end market trends and more challenging comps across parts of its business during the remainder of FY20. Summerville adds that the "global automotive builds are declining" and the demand in the truck / off-highway sector looks to be waning, while the company's U.K. data center and North America heating business face more difficult compares.
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