SPX Technologies downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Bryan Blair downgraded SPX Technologies to Perform from Outperform without a price target. The company remains very well positioned for core end-market outgrowth, driven by technology-led share capture across platforms, but the stock has risen 195% over the last 24 months, driven the valuation to levels that seem to fairly reflect SPX’s compounder trajectory, the analyst tells investors in a research note. The firm cites the recent step change in buy-side expectations and “corresponding impact on margin of safety” for moving to the sidelines.