UPDATE: Langenberg & Company Downgrades SPX Corporation to Hold, Reiterates $75 PT

In a report published Wednesday, Langenberg & Company downgraded its rating on SPX Corporation SPW from Buy to Hold, and reiterated its $75.00 price target. Langenberg & Company noted, “downgrade to Hold from Buy. Target is $75 and the shares are at $71. This pains us – the theoretical upside is at least $104 on break up value versus a downside (ex “cliff-light” coming up at a dysfunctional political environment near you) of perhaps $60. Still – this company is obviously not in break up mode given recent talks with GDI and thermal orders are weak. We just don't have conviction but would revisit near $60.” SPX Corporation closed on Monday at $70.15.