UPDATE: Stifel Nicolaus Raises PT to $92 on SPX Corporation on Earnings Growth

Stifel Nicolaus maintained SPX Corporation SPW with a Buy rating and raised the price target from $85.00 to $92.00. Stifel Nicolaus commented, "While we understand investor concerns over the reported attempt by SPX to acquire Gardner Denver (GDI, not rated) late last year, the numbers here are pretty simple. And compelling. We forecast $5 of EPS in 2013 growing by 50% over the following 2 years to $7.51 in 2015, and you can buy this growth for ~16x 2013E or ~13x 2014E earnings. We view the $200 million share repurchase and $250 million pension pre pay (equivalent to a debt reduction, but with a better return) as shareholder friendly moves which should help investors comfort level." SPX Corporation closed at $79.35 on Thursday.