Merrill upgrades SPX Corp. (SPW) to buy from neutral.
Analyst John Inch says his upgrade was driven by prospects for continued changes to a company that should increase shareholder value, in his opinion.
He notes numerous management changes over the last several months at executive and operating level are encouraging. He expects management to highlight favorable growth prospects for its remaining businesses at the analyst meeting on Mar. 3 in New York City.
Inch raised his $3.00 2006 earnings per share estimate to $3.50.