SPX Technologies

SPXC · NYSE

$164.24−$2.26 (−1.36%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $166.50

SPXC analyst rating

BuyConsensus of 11 analysts over the last 12 months. 91% rate it a buy.

Strong buy0
Buy10
Hold1
Underperform0
Sell0

12-month price target · 14 analysts

Average $278.62 (+69.6% upside)

Low: $227.25
Now: $164.24
High: $325.50

Upgrades and downgrades

The latest rating actions, newest first

SPXC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 13, 2026	Maintains	Overweight	$250.00 → $243.00	0%
JP Morgan	Oct 9, 2026	Maintains	Overweight	$282.00 → $225.00	60%
Baird	Oct 6, 2026	Initiates	Outperform	$220.00	50%
Truist Securities	Oct 5, 2026	Maintains	Buy	$301.00 → $266.00	59%
Oppenheimer	Oct 2, 2026	Maintains	Outperform	$280.00 → $270.00	49%
Wolfe Research	Sep 15, 2026	Initiates	Outperform	$250.00	59%
Truist Securities	Aug 3, 2026	Maintains	Buy	$295.00 → $301.00	59%
B. Riley Securities	Jul 31, 2026	Maintains	Buy	$280.00 → $285.00	46%
Oppenheimer	Jul 20, 2026	Maintains	Outperform	$272.00 → $280.00	49%
Truist Securities	Jul 2, 2026	Maintains	Buy	$261.00 → $295.00	59%

The case for and against

Updated Oct 21, 2026

Bull case

SPX Technologies is well positioned for sustained profitable growth because its core HVAC franchise is benefiting from strong backlog, brand leadership, and a favorable Americas-heavy revenue mix, while data center demand is emerging as a powerful incremental driver. The company’s recent quarter showed adjusted EPS of $1.69 on $567 million of sales, with HVAC revenue up 22% to $394 million and Detection & Measurement revenue up 8.3% to $173 million, alongside margin expansion in D&M to 27.0%. Management’s disciplined M&A, solid leverage profile, and capacity expansion investments support double-digit earnings and cash flow growth, reinforcing its compounder status.

Bear case

SPX Technologies is facing a weaker near-term earnings profile as FY2026 guidance now embeds a $0.05-$0.10 EPS tariff headwind, or about $10M of gross cost, concentrated in its HVAC businesses in Canada and landing mostly in 2Q’26 and 3Q’26. While management expects to offset roughly half through pricing and other mitigation, that still leaves margin pressure in the company’s largest revenue driver, and the stated risk set around macro deterioration, organic growth, competition, price/cost, and tariffs underscores a fragile operating backdrop. Although D&M posted $47M of operating income and a 27.0% margin, aided by higher SaaS revenue, backlog of $333M was modestly down y/y, limiting confidence in sustained growth momentum.

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