Trane Technologies plc (TT) is a global climate innovator headquartered in Swords, Ireland, with North American operations based in Davidson, North Carolina.  With a market cap of $95.9 billion, the company specializes in energy-efficient heating, ventilation, and air conditioning (HVAC) systems, as well as transport refrigeration solutions.

Shares of TT have outperformed the broader market over the past year. TT has gained 29.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 11.9%. In 2025, TT stock is up 16.4%, compared to the SPX’s 1% rise on a YTD basis. 

Zooming in further, TT has also exceeded the Invesco Building & Construction ETF (PKB). The exchange-traded fund has gained 8.5% over the past year and returned 4% on a YTD basis. 

On Apr. 30, Trane Technologies shares popped 8.5% after reporting strong first-quarter financial results, with revenues rising 11% year-over-year to $4.7 billion and adjusted earnings per share increasing 26% to $2.45, surpassing analyst expectations. The company achieved enterprise bookings of $5.3 billion, resulting in a book-to-bill ratio of 113%, and expanded its backlog to $7.3 billion, up approximately $500 million from year-end 2024. Trane reaffirmed its full-year guidance, anticipating organic revenue growth between 7.5% and 8.5%, and adjusted EPS in the range of $12.70 to $12.90. 

For fiscal 2025, ending in December, analysts expect TT’s EPS to grow 14.8% to $12.88 on a diluted basis. The company’s earnings surprise history is impressive. It surpassed the consensus estimate in each of the last four quarters.

Among the 20 analysts covering TT stock, the consensus is a “Moderate Buy.” That’s based on seven “Strong Buy” ratings, 12 “Holds,” and one “Strong Sell.”

This configuration is more bullish than a month ago, with six analysts suggesting a “Strong Buy.”

On May 15, JPMorgan Chase & Co. (JPM) analyst Stephen Tusa maintained a "Neutral" rating on Trane Technologies but raised the price target from $334 to $400, a 19.76% increase. 

While TT currently hovers above its mean price target of $423.50, its Street-high price target of $476 suggests an ambitious upside potential of 10.7% from the prevailing market prices.