I think preflop, turn and river are more or less fine. The flop is the street I would take issue with, and I don't think I would cbet it. The reason is that there just aren't that many worse hands that call us in this pot.

UTG limpers usually have ranges including a lot of small pairs, broadway hands, and the occasional slowplayed monster like AK or KK+. This means UTG rarely has a 7x or 4x hand that can call, and he rarely has any pairs above 7x. He will also sometimes have strong Ax hands he's never folding, and there are only a few spade combos in his range even though we know he's calling with those.

An SB overcaller with a big stack in a spot like this will have a lot of middling to strong Ax hands, but not many 7x or 4x hands also – they'll have a lot of broadways they're just folding, and again there are only so many spade combos they can have. It seems like a spot where we're over-repping our hand to try and bet this flop for value multiway.

Interestingly, I would bet the flop if it were AJ8 or AT7 with two spades, because there would be a much greater number of hands that either a) made a stronger, but still second-best, pair such as JT, KJ, QT etc, or b) made a draw that was capable of calling a bet such as T9 or 98, or KQss/KJss. On the flop that actually came out, there are just not as many draws out there – just spades and 65.