UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on SPX Corporation on Potential Upside

In a report published Thursday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on

, and raised the price target from $108.00 to $117.00. In the report, Morgan Stanley noted, “After years of inaction, we had some issues with the ‘raise number' button in our model. But with a bit of grease, we raise our FY14e by 4% to $5.37 and our PT ratchets up from $108 to $117. However, our base case SotP is higher suggesting scope for upside on further portfolio actions. Reiterate OW.” SPX Corporation closed on Wednesday at $101.94.