J.P. Morgan Reiterates Neutral Rating on SPX Corporation Following Solid 2Q Results

In a report published Friday, J.P. Morgan analyst C. Stephen Tusa Jr. reiterated a Neutral rating and $65.00 price target on SPX Corporation SPW.

In the report, J.P. Morgan noted, “SPW put up a better than expected 2Q, though moving parts in the outlook confirm our incrementally more cautious view on Flow and Industrial, keys to the SOTP argument. Recent underperformance makes relative valuation less demanding now, as weaker fundamentals are offset by pension, restructuring and a little more buyback. This said, we think consensus is fair for next year and the discount on these assets is warranted – we remain on the sidelines on this basis.”

SPX Corporation closed on Thursday at $78.51.