Market Overview

UPDATE: Wedbush Upgrades SPX Corporation

Share:

Wedbush upgraded SPX Corporation (NYSE: SPW) from Neutral to Outperform Monday and set a $116 price target.

Analyst David L. Rose noted that “with the pullback in the shares, we believe investors have an attractive entry point as SPW continues to execute on its operating initiatives, while also unleashing value in the announced spin of its flow business.

“Despite geopolitical and economic uncertainty, SPW continues to improve margins through productivity and cost-containment initiatives while generating significant free cash flow.”

The report observed that “recent results reaffirm operating progress” with Adjusted EPS from continuing operations at $1.62, versus the firm’s estimate of $1.51 and consensus estimates of $1.38. “Revenues increased 1.5 percent organically to $1.16 billion, below consensus/WS estimates of $1.22/$1.23 billion on better-than-expected margins.”

Rose felt that “SPX Corp has demonstrated it has embraced lean as operating initiatives are paying off and the free cash flow continues to improve dramatically. Importantly, we believe SPX has plenty of room for further margin expansion as it is in the early stages of this recovery, while the long-term outlook for power, energy, and food, the company’s key end markets, remains attractive.”

SPX Corporation closed at $94.79 Friday, up 1.98 percent.

Latest Ratings for SPW

DateFirmActionFromTo
Sep 2015MaintainsNeutral
Jul 2015Initiates Coverage onNeutral
Jun 2015UpgradesUnderperformBuy

View More Analyst Ratings for SPW
View the Latest Analyst Ratings

Posted-In: Davd L. Rose WedbushAnalyst Color Upgrades Price Target Analyst Ratings

 

Related Articles (SPW)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
CAPRMaintains12.4
BCELInitiates Coverage On23.0
DNOWMaintains14.0
HLIOMaintains46.0
GDIMaintains33.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

UPDATE: Credit Suisse Reiterates On Exxon Mobil On Positive Outlook

Foster Wheeler AG Misses Q3 Revenue, Earnings