Citi Maintains Hold on SPX

Citi is out with its report today on SPX SPW, maintaining Hold. In its report, Citi writes, "We rate SPX Corporation with a Hold / Medium Risk rating (2M). In our view, SPX continues to be well position across core businesses in power gen, transformers, food processing equipment, and industrial pumps. However, despite an attractive relative valuation, the company's weighting to late cycle is keeping us on the sidelines at this time." Citi maintains an $59 PT on SPW. Shares of SPW closed Thursday at $48.96, down 5.23% from Wednesday's close.