Deutsche Bank Upgrades SPX Corp. (SPW) to Hold

Deutsche Bank upgraded SPX Corp. (NYSE: SPW) from Sell to Hold with a price target of $57.00 (from $58.00). The change follows recent weakness in shares.

Analyst John G. Inch said, "Yesterday, the company held a relatively uninspiring analyst meeting in New York to profile “New SPX” that lacked investment “hooks” (eg, no future dividend, no anticipated M&A). However, given the absolute decline and associated underperformance of SPW over the past few months, we no longer anticipate share price downside to maintain our Sell rating."

"We caution that there could still be significant profit risks to the company’s Flow segment, which appears on track to be spun out to shareholders on a tax-free basis in the coming weeks – particularly given global industrial economic weakness, the collapse in the price of oil and reported segment backlog decline," added the analyst.

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 $55.63 yesterday.

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