May. 11 at 11:29 PM
Madison Air Solutions, a newly listed HVAC and indoor air quality company, saw mixed analyst coverage as investors balanced strong growth in its data center cooling business against concerns about valuation and leverage. The stock traded near
$42 following its April IPO.
Goldman Sachs initiated coverage with a “Neutral” rating and a
$44 price target, noting that much of the upside may already be reflected in the share price. The firm highlighted strong profitability, with an adjusted EBITDA margin of 26.7%, well above industry peers, driven by mission-critical air systems for data centers, healthcare, and industrial clients.
Growth is being led by its data center cooling division, which accounted for about 13% of 2025 revenue and grew 17% last year. Goldman expects 25% growth in 2026, with shipments projected to more than triple to 10,000 units, supported by AI-driven infrastructure demand.
$MAIR