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SPXC

SPX Corporation

$24.07

0.46 (1.95%)

07:39
11/23/16
11/23
07:39
11/23/16
07:39

SPX Corporation agrees to sell European Power Generation business

SPX Corporation announced that it has entered into an agreement for the sale of its European Power Generation business, Balcke-Durr, to mutares AG, a German-based publicly traded industrial holding company. The closing of the transaction is expected to occur by December 31, 2016. The terms of the purchase agreement include the sale of the subsidiaries comprising Balcke-Durr in exchange for nominal cash at closing and a commitment by SPX to leave sufficient liquidity within Balcke-Durr, including a loan from SPX, to support ongoing operations and the implementation of mutares's strategic plan. A more detailed description of the transaction is provided in the company's Form 8-K filed with the SEC. As previously disclosed, the elimination of the underperforming portions of our Power Generation business would have the effect of increasing the company's current Adjusted EPS guidance for 2016 by more than 30c, the majority of which is attributable to the sale of Balcke-Durr. SPX anticipates that the transaction will qualify for discontinued operations presentation in our full-year 2016 financial statements, and now expects to report full-year Adjusted EPS significantly in excess of our current guidance range of $1.00-$1.20.

  • 29

    Nov

SPXC SPX Corporation
$24.07

0.46 (1.95%)

01/15/16
UBSW
01/15/16
NO CHANGE
Target $20
UBSW
Buy
SPX Corporation remains a top small cap value pick, says UBS
UBS said SPX Corporation remains a top small cap value pick as its core businesses are driving 100% of its operating profit. The firm believes concerns surrounding its leverage are overdone and the reduction of its project scope in South Africa reduces risk. UBS reiterated its Buy rating and $20 price target on SPX Corporation shares.
02/26/16
DBAB
02/26/16
UPGRADE
Target $10
DBAB
Hold
SPX Corporation upgraded to Hold from Sell at Deutsche Bank
Deutsche Bank analyst John Inch upgraded SPX Corporation to Hold following the company's "sizeable" Q4 miss. The company's balance sheet was "marginally strengthened" in the quarter, Inch points out. He raised his price target for the shares to $10 from $6.50.
03/28/16
FBCO
03/28/16
UPGRADE
Target $17
FBCO
Outperform
SPX Corporation upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse anlalyst Ronnie Weiss upgraded SPX Corporation to Outperform and raised his price target to $17 from $13. The anlayst said management has down a good job resolving the future of underperforming assets and believes investor focus has begun to shift towards the less volatile businesses of HVAC and D&M, which make up ore than 90% of core EBIT, which should re-rate shares higher.
03/28/16
03/28/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Hanover Insurance (THG) upgraded to Outperform at BMO Capital citing expectations that the company's earnings will improve. The firm predicts that the company will benefit from improved core accident-year underwriting results, continued core business growth, and expansion of capital management activities. 2. H.B. Fuller (FUL) upgraded to Overweight at JPMorgan by analyst Jeffrey Zekauskas, who said the company is well positioned to increase earnings this year with its multi-year restructuring effort about over. 3. PAREXEL (PRXL) upgraded to Buy at SunTrust with analyst Sandy Draper bullish on the sector's earnings growth prospects. Draper expects CRO's to meet or beat estimates this year. 4. SPX Corporation (SPXC) upgraded to Outperform at Credit Suisse by analyst Ronnie Weiss, who said management has done a good job resolving the future of underperforming assets and believes investor focus has begun to shift towards the less volatile businesses of HVAC and D&M, which make up ore than 90% of core EBIT, which should re-rate shares higher. 5. Finish Line (FINL) upgraded to Buy at BB&T and Monness Crespi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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