Oppenheimer Assigns a Buy Rating on SPX (SPXC)

By Austin Angelo

Oppenheimer analyst Bryan Blair assigned a Buy rating to SPX (SPXCResearch Report) yesterday and set a price target of $44.00. The company’s shares closed last Thursday at $38.13.

According to TipRanks.com, Blair is a 3-star analyst with an average return of 2.7% and a 46.4% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Mueller Water Products.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for SPX with a $56.00 average price target.

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SPX’s market cap is currently $1.83B and has a P/E ratio of 24.30. The company has a Price to Book ratio of -8.63.

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SPX Corp. is the supplier of infrastructure equipment and products. It operates through the following segments: HVAC, Detection and Measurement, and Engineered Solutions. The HVAC segment engineers, designs, manufactures installs and services cooling products for the HVAC and industrial markets, as well as heating and ventilation products for the residential and commercial markets. The Detection & Measurement segment engineers, designs, manufactures and installs underground pipe and cable locators and inspection equipment, bus fare collection systems, communication technologies, and specialty lighting. The Engineered Solutions segment engineers, designs, manufactures, installs and services transformers for the power transmission and distribution market, as well as process cooling equipment and rotating and stationary heat exchangers for the power generation and industrial markets. The company was founded on December 20, 1911 and is headquartered in Charlotte, NC.