UPDATE: Barrington Research Downgrades Modine Manufacturing to Perform

Barrington Research lowers its rating on Modine Manufacturing

to Perform from Outperform due to weaker-than-expected earnings and lower guidance. Barrington Research notes, "We expected that MOD would be able to show continued growth despite weakness in Europe due to new program launches and exposure to recovering end markets like Ag, trucks and machinery. We believe that the slower topline sales growth is enough of a change in our investment thesis to change our rating. We are concerned that management will have difficulty meeting earnings expectations due to the lower sales growth rate and incremental restructuring and new product launch risks." MOD closed at $9.99 a share yesterday.