UPDATE: J.P. Morgan Downgrades SPX Corporation to Neutral on Balanced Risks, Upside Potential

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In a report published Monday, J.P. Morgan analyst C. Stephen Tusa Jr. downgraded the rating on SPX Corporation (NYSE: SPW) from Overweight to Neutral, but reiterated the $77.00 price target.In the report, Tusa noted, “The positives at SPX include offering a combination of end-market leverage to (latercycle flow and power industries) and self-help from internal margin improvement, cash deployment, and portfolio restructuring. Earnings growth is also likely to be above average in the near term as the company recovers from near-term earnings headwinds including the Clydeunion integration. On the other hand, there are risks which include (a) stubborn weakness in the Thermal backlog, (b) the ongoing ‘show me' around Flow margin improvement, and (c) potential for T&D demand to flatten out in 2014, reducing the earning tailwind from transformer pricing.”SPX Corporation closed on Friday at $81.17.

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