SPX Technologies: JPMorgan Initiates With Overweight Citing Data Center Demand and Capacity Expansion

"SPX Technologies has positioned itself at the intersection of two of the most durable infrastructure trends of this decade, data center cooling and engineered air movement, and the capacity to capture that demand is being built right now."

"SPX is investing roughly $100 million in HVAC manufacturing capacity in 2026, on top of the $92.1 million in capital expenditures completed in FY2025. When fully ramped, management says these expansions represent approximately $700 million of incremental revenue capacity, with roughly $550 million tied directly to data center demand."

"SPX reported Q4 2025 revenue of $637.3 million, beating estimates of $625.9 million, with year-over-year growth of 19.4%. The HVAC segment, the one JPMorgan is most focused on, delivered $431.1 million in Q4 revenue, up 16.4% year-over-year."

JPMorgan initiated coverage of SPX Technologies with an Overweight rating and $260 price target, citing the company's strategic positioning in data center cooling and engineered air movement infrastructure trends. The broader analyst consensus is Moderate Buy across nine brokerages with seven Buy ratings and consensus price target of $266.70. SPX is investing $100 million in HVAC manufacturing capacity in 2026, following $92.1 million in capital expenditures in FY2025. These expansions represent approximately $700 million of incremental revenue capacity, with roughly $550 million tied to data center demand. Q4 2025 results showed revenue of $637.3 million, beating estimates with 19.4% year-over-year growth. The HVAC segment delivered $431.1 million in Q4 revenue, up 16.4% year-over-year, with data center revenue representing approximately $200 million in 2025.

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