UPDATE: Langenberg & Company Downgrades SPX Corporation to Hold, Reiterates $75 PT
In a report published Wednesday, Langenberg & Company downgraded its rating on SPX Corporation (NYSE: SPW) from Buy to Hold, and reiterated its $75.00 price target.
Langenberg & Company noted, “downgrade to Hold from Buy. Target is $75 and the shares are at $71. This pains us – the theoretical upside is at least $104 on break up value versus a downside (ex “cliff-light” coming up at a dysfunctional political environment near you) of perhaps $60. Still – this company is obviously not in break up mode given recent talks with GDI and thermal orders are weak. We just don't have conviction but would revisit near $60.”
SPX Corporation closed on Monday at $70.15.
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