UPDATE: Deutsche Bank Downgrades SPX Corporation to Hold on Weak Upside
In a report published Monday, Deutsche Bank analyst John G. Inch downgraded the rating on SPX Corporation (NYSE: SPW) from Buy to Hold, but raised the price target from $81.00 to $90.00.
In the report, Inch noted, “We are downgrading SPX to Hold from Buy. In turn, we are lowering our EPS forecast estimates by 5 cents in 2013 to $5.00 and by 25 cents in 2014 to $6.00. While we are revising our price target higher to $90 from $81 – consistent with our updated valuation framework for our multi-industry coverage universe – this upside seems insufficient to justify a continued purchase recommendation.”
SPX Corporation closed on Friday at $79.46.
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