Truist upgrades SPX Technologies to Buy after 18% selloff

Truist analyst Jamie Cook upgraded SPX Technologies (SPXC) to Buy from Hold with an unchanged price target of $244 after hosting meetings with management. The firm believes SPX “offers investors the best of both worlds.” The company provides a “safer haven” if the war with Iran is prolonged, and above-average organic sales and earnings growth in an upcycle, supported by secular tailwinds in data centers, the analyst tells investors in a research note. Truist believes SPX is “one of the highest quality industrial compounders.” It sees an attractive valuation with the shares down 18% since February 24.