SPX Corporation (SPXC) PT Raised to $134 at Oppenheimer, 'SPX remains well positioned for organic end-market outgrowth'

Oppenheimer analyst Bryan Blair raised the price target on SPX Corporation (NYSE: SPXC) to $134.00 (from $124.00) while maintaining a Outperform rating.

The analyst commented: 'CEO Gene Lowe and his leadership team discussed the ubiquitous nature of SPX HVAC and D&M products, recapped the company's eye-catching profit trajectory since 2016, and provided a road map to doubling run-rate EBITDA over the medium term. We believe SPX remains well positioned for organic end-market outgrowth (driven by share gains across platforms), steady margin expansion (off a structurally-improved base), and continued/needle-moving M&A runway (supported by a robust pipeline, $1.5B-plus capacity over the next 3-4 years). In turn, we view SPX's targeted 15%-plus EBITDA CAGR as realistic (the 15% base arguably conservative), expect its differentiated compounder story to garner further/broader investor attention, reiterate our Outperform rating and lift our price target to $134 from $124.'

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