SPX Technologies (SPXC) remains poised for profitable growth following the stock's pullback following its $500 million share offering in August, Oppenheimer said Thursday in a report.

The company "is well positioned on all related cooling tower and engineered air movement technologies," earning "an A+ for portfolio management, and we trust the team's path forward," the report said.

SPX is expected to register "standout" double-digit earnings and cash flow growth for the foreseeable future, Oppenheimer said. The company's run-rate growth in heating, ventilation, and air conditioning, along with its continued expansion, is "largely supported by institutional projects," while demand for detection and measurement is expected to reaccelerate, driven by infrastructure investments and defense technology spending, the report said.

Investors are weighing the impact of share dilution from the offering, how the capital will be deployed, and the timeline for closing the dilution gap, the report said.

Oppenheimer reiterated its outperform rating on SPX stock with a $212 price target.

Price: 182.68, Change: -0.24, Percent Change: -0.13