11:42 AM EDT, 10/08/2025 (MT Newswires) -- SPX Technologies ( SPXC ) is benefiting from its core platforms with steady cash flows but the stock needs catalyst as its data center exposure is already priced into valuation, BofA Securities said in a note Wednesday.

"As the stock is trading in line with peers on its PO, for us to get materially constructive we would look for either a catalyst (seeing cash deployed into a deal) or a pullback in the stock," the report said. PO refers to price objective.

The note said SPX is a specialist player with strong M&A history, with its HVAC and Detection & Measurement products generating steady cash flows.

"We view SPX Technologies ( SPXC ) as a capital allocation story," it said, pointing to its acquisitions of 16 companies since 2015.

BofA initiated coverage of SPX with a neutral rating and a $202 price objective.

Price: 186.91, Change: -1.41, Percent Change: -0.75