J.P. Morgan Says SPX Experiencing Deja Vu

In a report published by J.P. Morgan, SPX Corp. (NYSE:

) is experiencing déjà vu. J.P. Morgan said that SPX remains in the early fundamental innings of inflection off an earnings base that is the closest to trough levels in the EE/MI sector. “We believe a premium on near-term valuation is deserved given standing trough metrics while the stock remains cheap on normalized earnings that we think can approach $8 in 2013 with a potential peak of ~$11-plus in 2015.” SPX Corp. closed yesterday at $77.62.