UBS Cuts Price Target on SPX Corp. (SPW) to $93 Following Analyst Day

UBS reiterated a Buy rating on SPX Corp. (NYSE: SPW), and cut the price target to $93.00 (from $100.00), following an analyst day. Analyst Shannon O'Callaghan views the earnings power of the new post-separation SPX as masked by current pressures from the unusual South Africa power projects as well as timing in the Genfare fare collection business.

O'Callaghan commented, "As we detailed in our in-depth 7/8/15 note on SPX entitled, Key Debates Edition: You Look Better Without Your Segments On we view the earnings power of the new post-separation SPX as masked by current pressures from the unusual South Africa power projects as well as timing in the Genfare fare collection business. We also view the valuation views on the new SPX as overly associated with low margin/multiple power generation, as we see the earnings of the new SPX as driven by higher multiple businesses in HVAC, Detection & Measurement, and T&D."

For an analyst ratings summary and ratings history on SPX Corp. click here. For more ratings news on SPX Corp. click here.

Shares of SPX Corp. closed at $55.01 yesterday.

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