Morgan Stanley Reiterates Overweight on SPX on Service Solution Sale
Morgan Stanley maintains its Overweight rating on SPX (NYSE: SPW) as it believes its Service Solutions business sale to Robert Bosch is a definite positive.
Morgan Stanley says, "SPW announced this morning a definitive agreement to sell its Service Solutions business to Robert Bosch for $1.15bn. The transaction is expected to result in an after-tax gain of $450m and SPW intends to allocate $350m of the after-tax proceeds to debt reduction and at least $350m to share repurchases."
SPW closed at $66.42 a share yesterday.
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