J.P. Morgan Says SPX Experiencing Deja Vu

In a report published by J.P. Morgan, SPX Corp. SPW is experiencing déjà vu. J.P. Morgan said that SPX remains in the early fundamental innings of inflection off an earnings base that is the closest to trough levels in the EE/MI sector. “We believe a premium on near-term valuation is deserved given standing trough metrics while the stock remains cheap on normalized earnings that we think can approach $8 in 2013 with a potential peak of ~$11-plus in 2015.” SPX Corp. closed yesterday at $77.62.