UBS Reiterates Buy on SPX Corp. (SPXC) After Meeting with Management

August 24, 2016 9:41 AM EDT
Get Alerts SPXC Hot Sheet
Price: $24.11 +1.05%

Rating Summary:
    1 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UBS maintained a Buy rating and $23.00 price target on SPX Corporation (NYSE: SPXC) after meeting with management. UBS belives that SPXC has shown strong momentum in HVAC and D&M, and thinks that the company is well positioned given its exposure to attractive commercial and residential markets and ~70% replacement revenue.

Analyst Shannon O'Callaghan commented, "Nearly a year has passed since SPXC began trading ex-FLOW, over which time investor awareness has increased substantially and focus has begun shifting away from the company's legacy challenges and more towards its future opportunities. While increased transparency, simplification of reporting metrics, and a clearly defined portfolio repositioning strategy have helped advance the narrative, we believe strong execution within the core businesses is driving more investors to have a look at the stock. So while investors today are more comfortable with South Africa projects, cash flow and leverage compared to last year, we think many are just now starting to take a deeper look at SPXC's organic drivers, margin opportunity, and potential for bolt-ons."

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

Shares of SPX Corporation closed at $18.89 yesterday.

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