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Fly News Breaks for June 30, 2015
SPW
Jun 30, 2015 | 13:28 EDT
BofA/Merrill upgraded SPX Corp (SPW) two notches to Buy from Underperform and raised its price target to $85 from $74. The firm said Nelson Peltz's Trian Fund stake in Pentair (PNR) will lead to consolidation in the pump and valve industry. BofA/Merrill expects SPX's Flow to be a beneficiary of increased focus and for the market to begin to value SPX and other vendors businesses on a sum of the parts valuation.
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