SPX Shows Increasingly 'Attractive' Valuation, Oppenheimer Says

MT Newswires Live10-02 23:10

SPX Technologies (SPXC) shares are showing increasingly "attractive" valuation following a 26.8% drop over the trailing 3 months, Oppenheimer said in a Thursday report.

The report pointed to general small and mid-capitalization industrial weakness, renewed AI capex scrutiny, and supply chain/inflationary pressure for the weakness.

Although near-term earnings upside may be limited, HVAC business remains firmly in growth mode, while detection and management unit shows growth potential, the note said.

The report said the stock remains a top pick, offering realistic prospects for double-digit EPS growth and supportive valuation.

"We believe recent weakness affords a strong buying opportunity in shares," the note said. Oppenheimer kept its outperform rating while lowering its price target to $270 from $280.

Price: 173.29, Change: +3.57, Percent Change: +2.11

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