Trane Technologies rated Buy on strong HVAC backlog and growth in data center cooling markets

Trane Technologies is rated Buy due to its $12.5 billion commercial HVAC backlog, which has grown over 70% year-over-year, and strong demand across multiple markets including data center cooling. The company's expanding installed base supports recurring service revenue, while recent acquisitions enhance its margin and revenue potential. Growth is broad-based, with 11 of 14 commercial HVAC markets in the Americas showing improvement, alongside recovery in transport refrigeration and residential HVAC. Trading below its five-year average valuation, Trane Technologies offers attractive risk-reward with expected mid-teens earnings growth through 2027.

Trane Technologies trades at USD 419.61 on Pluang as of Nov 03, 2026 22:02 WIB, up 1.53% on the day. The stock's market cap stands at $90.48 billion, with a dividend yield of 1.02%. Its 52-week price range is between $376.43 and $503.46, showing notable volatility within the year.