Oppenheimer Issues Pessimistic Forecast for SPX Technologies (NYSE:SPXC) Stock Price

Key Points

• Oppenheimer lowered its SPX Technologies price target to $265 from $270 while maintaining an “outperform” rating, implying 57.89% upside from the previous close.
• Despite several recent target reductions, analysts remain broadly positive: SPX Technologies has a consensus “Moderate Buy” rating and an average price target of $247.
• SPXC shares rose 2.2% to $167.84, while the company reported quarterly earnings and revenue above analyst expectations and posted 22.9% year-over-year revenue growth.

SPX Technologies (NYSE:SPXC - Get Free Report) had its target price cut by equities researchers at Oppenheimer from $270.00 to $265.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Oppenheimer's target price indicates a potential upside of 57.89% from the company's previous close.

SPXC has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their price target on shares of SPX Technologies from $282.00 to $225.00 and set an "overweight" rating on the stock in a report on Friday, October 9th. Robert W. Baird started coverage on shares of SPX Technologies in a research note on Monday, October 5th. They issued an "outperform" rating and a $220.00 price objective for the company. Wolfe Research assumed coverage on shares of SPX Technologies in a research report on Tuesday, September 15th. They set an "outperform" rating and a $250.00 price objective on the stock. Truist Financial lowered their price objective on shares of SPX Technologies from $301.00 to $266.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Finally, Wells Fargo & Company cut their target price on shares of SPX Technologies from $250.00 to $243.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, SPX Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $247.00.

SPX Technologies Trading Up 2.2%

Shares of NYSE:SPXC traded up $3.60 during midday trading on Wednesday, reaching $167.84. The company had a trading volume of 285,646 shares, compared to its average volume of 562,479. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.21 and a current ratio of 1.82. SPX Technologies has a 1-year low of $161.61 and a 1-year high of $251.08. The firm has a market cap of $8.41 billion, a price-to-earnings ratio of 30.18, a price-to-earnings-growth ratio of 1.07 and a beta of 1.24. The company has a fifty day simple moving average of $186.18 and a two-hundred day simple moving average of $207.08.

SPX Technologies (NYSE:SPXC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $2.02 earnings per share for the quarter, topping analysts' consensus estimates of $1.85 by $0.17. SPX Technologies had a return on equity of 16.53% and a net margin of 11.27%. The firm had revenue of $679.00 million for the quarter, compared to analysts' expectations of $640.18 million. During the same quarter last year, the business posted $1.65 EPS. SPX Technologies's revenue was up 22.9% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. Research analysts predict that SPX Technologies will post 8.48 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

A number of institutional investors have recently modified their holdings of the company. Vontobel Holding Ltd. acquired a new stake in SPX Technologies in the third quarter valued at $260,000. Assenagon Asset Management S.A. acquired a new position in shares of SPX Technologies during the 3rd quarter worth approximately $18,194,000. Signal Advisors Wealth LLC bought a new stake in SPX Technologies in the 3rd quarter valued at $269,000. Krilogy Financial LLC acquired a new position in shares of SPX Technologies in the third quarter valued at $293,000. Finally, NorthCrest Asset Manangement LLC boosted its holdings in shares of SPX Technologies by 1.3% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 12,410 shares of the company's stock worth $2,092,000 after buying an additional 158 shares during the period. Institutional investors own 92.82% of the company's stock.

About SPX Technologies

SPX Technologies, Inc NYSE: SPXC is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.

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