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Oppenheimer Sticks to Its Buy Rating for SPX (SPXC)

Oppenheimer analyst Bryan Blair reiterated a Buy rating on SPX (SPXCResearch Report) yesterday and set a price target of $72.00. The company’s shares closed last Monday at $52.86.

According to TipRanks.com, Blair is a 5-star analyst with an average return of 17.4% and a 58.2% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Altra Industrial Motion.

Currently, the analyst consensus on SPX is a Moderate Buy with an average price target of $72.00.

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Based on SPX’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $307 million and net profit of $11.4 million. In comparison, last year the company earned revenue of $287 million and had a net profit of $26.8 million.

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SPX Corp. is the supplier of infrastructure equipment and products. It operates through the following segments: HVAC, Detection and Measurement, and Engineered Solutions. The HVAC segment engineers, designs, manufactures installs and services cooling products for the HVAC and industrial markets, as well as heating and ventilation products for the residential and commercial markets. The Detection & Measurement segment engineers, designs, manufactures and installs underground pipe and cable locators and inspection equipment, bus fare collection systems, communication technologies, and specialty lighting. The Engineered Solutions segment engineers, designs, manufactures, installs and services transformers for the power transmission and distribution market, as well as process cooling equipment and rotating and stationary heat exchangers for the power generation and industrial markets. The company was founded on December 20, 1911 and is headquartered in Charlotte, NC.

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