Trane Technologies: Why The Growth Story Still Has Room To Run

Trane Technologies is rated Buy, supported by a strong commercial HVAC backlog, broad-based demand, and an expanding installed base driving recurring service revenue. TT's $12.5 billion backlog, up over 70% YoY, and recent acquisitions in data center cooling provide multi-year revenue visibility and margin expansion opportunities. Growth is not limited to data centers; 11 of 14 commercial HVAC markets in the Americas showed growth, with transport refrigeration and residential HVAC also recovering.