UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on SPX Corporation

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on SPX Corporation

, but lowered its price target from $81.00 to $76.00. Deutsche Bank noted, “Yesterday, SPX's shares traded off substantially, driven by press reports that the company has entered into “exclusive talks” to acquire Gardner Denver (GDI). While we continue to believe SPX ultimately does not pursue GDI, we believe the risks associated with this prospect have increased. We continue to recommend SPW shares given attractive potential upside--Buy.” SPX Corporation closed on Tuesday at $62.07.