SPX Corp.'s (NYSE:SPW) Power, Fluid Markets Getting More Spending

SPX Corp. (NYSE:SPW) said at a recent analyst meeting their international power and fluid markets are seeing more spending, prompting FBR Capital to increase their price target on SPX significantly.

FBR says, "We came away from SPX’s well-attended analyst meeting in New York City with increased conviction in our positive investment thesis on the stock where the company’s increasingly attractive mid- to late-cycle exposures (about 67% of revenues) in the global power and fluid markets are seeing signs of spending recovery potentially driving significant earnings upside over the next couple of years. Key positives included double-digit sequential improvement in backlog in the important Electric Transformers business to about five to eight months of revenues."

FBR Capital reiterates an "Outperform" rating on SPX Corp. (SPW), which closed Thursday at $73.86, down $1.27, or 1.69 percent. FBR boosted their price target on SPX from $79 to $92.