Several analysts have lowered the price target for Trane Technologies PLC (NYSE:TT) after the company's Q4 results.

• Wells Fargo analyst Joseph O'Dea lowered the price target to $174 (an upside of 4%) from $185 and maintained an Underweight rating on the shares. 
• The analyst says the outlook has stronger organic growth and "softer incrementals" than anticipated, translating to a $6.95 - $7.15 adjusted EPS guidance range that roughly approximates his expectations. 
• Related: Trane Technologies Clocks 28% Bookings Growth In Q4; Beats Consensus
• O'Dea notes that the general supply/demand dynamic remains unchanged, with demand strong and supply unable to keep up. 
• The analyst contends that the supply side is expected to improve in the second half of the year, setting the company to better deliver on a record $5.4 billion in the backlog.
• Credit Suisse analyst John Walsh lowered the price target to $204 (an upside of 22%) from $213 and maintained an Outperform rating on the shares. 
• Walsh notes Trane increased 54 bps versus HVAC peers up 165 bps and the market up 189 bps following a Q4 revenue beat and better-than-expected full-year 2022 guidance, offset by a weak Q1 guide. 
• There was significant investor attention on the health of the backlog and cadence of orders for 2022 as comparisons are difficult, the analyst adds.
• Walsh thinks there could be some conservatism around the supply chain, and the situation is fluid as the Q4 supply chain surprised to the upside.
• Overall, Walsh views Trane's 14% year-to-date price decline as driven by macro pressures versus fundamentals.
• Mizuho analyst Brett Linzey lowered the price target to $180 (an upside of 7.6%) from $205 and maintained a Neutral rating.
• Linzey mentions that strong demand across Trane's markets was once again truncated by ongoing supply chain and logistical challenges, which impacted Q4 and lingered into Q1.
• However, the underlying issues apparently peaked in Q4, notes the analyst. The price target drop is to reflect the de-rating of the broader market and his coverage group.
• Citi analyst Andrew Kaplowitz lowered the price target to $228 from $242 and maintained a Buy rating on the shares. 
• With strong demand across most of the company's portfolio resulting in an elevated backlog into 2022, Kaplowitz says that Trade should continue to benefit from its favorable positioning in healthy end markets.
• The analyst sees good visibility to sales and earnings growth despite lingering inflationary pressure and supply chain frictions that "remain poised to weigh" on the company's first half of 2022 results.
• Deutsche Bank analyst Nicole Deblase lowered the price target to $184 (an upside of 10%) from $189 and maintained a Hold rating on the shares.
• Price Action: TT shares traded lower by 3.35% at $167.30 on the last check Tuesday.