Nomura Securities Maintains 'Neutral' on SPX Corp. (SPW); Adjusting Estimates After Meeting W/Mgmt
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Price: $49.44 +2.25%
Rating Summary:
10 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains 'Neutral' on SPX Corp. (NYSE: SPW) price target of $66.00.
Analyst, Shannon O'Callaghan, said, "Several adjustments are taking place at SPX right now. Thermal is caught between the absence of China/South Africa growth drivers and any significant improvement in developed market power gen. Flow just closed ClydeU after two downward revisions and needs to get that operation running tighter. Industrial is taking a pause on filling up the medium transformer backlog awaiting better market pricing, so backlog took a step back there, while the large transformer ramp is 2H loaded. The outcome of these adjustments will likely be key to assessing SPX’s 2013-14 earnings power. We are lowering our 2012 EPS estimate to $4.90, our 1Q12 estimate to $0.35, and our 2013 EPS estimate to $5.80. We are increasing our P/E multiple assumption by half a point and maintaining our $66 price target (based on approximately 13.5x our new 2012 EPS estimate)."
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 $66.32 yesterday.
Analyst, Shannon O'Callaghan, said, "Several adjustments are taking place at SPX right now. Thermal is caught between the absence of China/South Africa growth drivers and any significant improvement in developed market power gen. Flow just closed ClydeU after two downward revisions and needs to get that operation running tighter. Industrial is taking a pause on filling up the medium transformer backlog awaiting better market pricing, so backlog took a step back there, while the large transformer ramp is 2H loaded. The outcome of these adjustments will likely be key to assessing SPX’s 2013-14 earnings power. We are lowering our 2012 EPS estimate to $4.90, our 1Q12 estimate to $0.35, and our 2013 EPS estimate to $5.80. We are increasing our P/E multiple assumption by half a point and maintaining our $66 price target (based on approximately 13.5x our new 2012 EPS estimate)."
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 $66.32 yesterday.
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