Nomura Securities Maintains a 'Neutral' on SPX Corp. (SPW); Cutting FY12 Estimates
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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 a 'Neutral' on SPX Corp. (NYSE: SPW) price target of $81.00.
Analyst, Shannon O'Callaghan, said, "Transformers are tracking well and Thermal looks OK, but Flow had a tough 1Q with ClydeU $0.09 dilutive vs. management expectations for neutral to slightly accretive, and core Flow margins down 150bps y/y on challenges in Europe. Actions are already in place for improvement, but the 1Q miss does set up an even more back half loaded plan than usual. Transformer demand continues to be strong with Waukesha sold out through 2012 (still 8-12 month lead-times), with modestly better margins for 2H12, and management expecting a normal 2-3 year price recovery from here. We reduce our 2012E EPS from $4.25 to $4.05, but maintain 2013 at $5.80, which requires that SPX work through its Flow issues in 2012."
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 $76.68 yesterday.
Analyst, Shannon O'Callaghan, said, "Transformers are tracking well and Thermal looks OK, but Flow had a tough 1Q with ClydeU $0.09 dilutive vs. management expectations for neutral to slightly accretive, and core Flow margins down 150bps y/y on challenges in Europe. Actions are already in place for improvement, but the 1Q miss does set up an even more back half loaded plan than usual. Transformer demand continues to be strong with Waukesha sold out through 2012 (still 8-12 month lead-times), with modestly better margins for 2H12, and management expecting a normal 2-3 year price recovery from here. We reduce our 2012E EPS from $4.25 to $4.05, but maintain 2013 at $5.80, which requires that SPX work through its Flow issues in 2012."
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 $76.68 yesterday.
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