SPX Technologies (NYSE:SPXC) Coverage Initiated by Analysts at Bank of America

Key Points

• Bank of America has initiated coverage on SPX Technologies with a "neutral" rating and a price target of $202.00, indicating a potential upside of 7.38% from its current price.
• SPX Technologies recently reported a quarterly earnings per share (EPS) of $1.65, surpassing analysts' expectations, with revenue increasing by 10.2% year-over-year.
• The company has a consensus rating of "Moderate Buy" among analysts, with 1 Strong Buy, 4 Buy, and 2 Hold ratings, and an average target price of $196.33.

Research analysts at Bank of America initiated coverage on shares of SPX Technologies (NYSE:SPXC - Get Free Report) in a research report issued on Wednesday,Benzinga reports. The brokerage set a "neutral" rating and a $202.00 price target on the stock. Bank of America's price target would suggest a potential upside of 7.38% from the stock's current price.

A number of other brokerages have also recently issued reports on SPXC. Weiss Ratings reiterated a "hold (c+)" rating on shares of SPX Technologies in a report on Saturday, September 27th. UBS Group raised their price objective on shares of SPX Technologies from $182.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Wall Street Zen downgraded shares of SPX Technologies from a "buy" rating to a "hold" rating in a research report on Friday, October 3rd. Finally, Oppenheimer upped their target price on shares of SPX Technologies from $170.00 to $197.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $196.33.

SPX Technologies Stock Performance

Shares of SPXC stock opened at $188.11 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.97 and a debt-to-equity ratio of 0.62. SPX Technologies has a 52 week low of $115.00 and a 52 week high of $209.38. The firm has a 50 day moving average of $189.28 and a 200-day moving average of $164.70. The company has a market cap of $8.80 billion, a price-to-earnings ratio of 42.27, a price-to-earnings-growth ratio of 1.63 and a beta of 1.37.

SPX Technologies (NYSE:SPXC - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.20. SPX Technologies had a net margin of 10.27% and a return on equity of 19.59%. The business had revenue of $552.40 million during the quarter, compared to analysts' expectations of $546.03 million. During the same period last year, the company posted $1.42 earnings per share. The business's quarterly revenue was up 10.2% on a year-over-year basis. SPX Technologies has set its FY 2025 guidance at 6.350-6.650 EPS. On average, equities analysts forecast that SPX Technologies will post 5.57 earnings per share for the current year.

Hedge Funds Weigh In On SPX Technologies

Several institutional investors have recently bought and sold shares of SPXC. Twin Peaks Wealth Advisors LLC bought a new position in shares of SPX Technologies during the 2nd quarter worth $31,000. MAI Capital Management lifted its holdings in SPX Technologies by 80.9% during the second quarter. MAI Capital Management now owns 208 shares of the company's stock valued at $35,000 after purchasing an additional 93 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of SPX Technologies in the first quarter worth about $27,000. Eastern Bank bought a new position in SPX Technologies in the 1st quarter worth approximately $38,000. Finally, SVB Wealth LLC bought a new stake in SPX Technologies during the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 92.82% of the company's stock.

SPX Technologies Company Profile

SPX Technologies, Inc supplies infrastructure equipment serving the heating, ventilation, and cooling (HVAC); and detection and measurement markets worldwide. The company operates in two segments, HVAC and Detection and Measurement. The HVAC segment engineers, designs, manufactures, installs, and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as boilers, heating, and ventilation products for the residential and commercial markets.

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