Oppenheimer Maintains a Hold Rating on Dover Corp (DOV)


Oppenheimer analyst Bryan Blair maintained a Hold rating on Dover Corp (NYSE: DOV) yesterday. The company’s shares closed yesterday at $87.25, close to its 52-week high of $88.60.

Blair noted:

“Shares responded positively (+2% vs. flat XLI) to CEO Rich Tobin’s updated perspectives on the Dover portfolio (strong FCF-generating businesses with execution-driven margin/returns upside) and high-level plans to realize DOV’s growth and earnings potential over the coming years. Mr. Tobin stressed the need for enhanced productivity throughout operations, supported by $130M in announced SG&A savings ($100M net of investments), pending footprint rationalization (rightsizing to begin in 4Q, accelerate during 2019), and a new operational system (multi-year initiative). Combined with customer-centric innovation and disciplined capital deployment (intermediate-term focus/priorities clarified in today’s update), we view post-Apergy DOV as well positioned for stronger, more consistent through-the- cycle operating performance. and uncertain near- term Fluids and RFE trends keep us patient.”

According to TipRanks.com, Blair is a 2-star analyst with an average return of 2.5% and a 54.5% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Carlisle Companies Inc.

Dover Corp has an analyst consensus of Hold, with a price target consensus of $85.88, which is a -1.6% downside from current levels. In a report issued on September 7, BMO Capital also downgraded the stock to Hold with a $90 price target.

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Dover Corp’s market cap is currently $12.63B and has a P/E ratio of 18.29. The company has a Price to Book ratio of 4.54.

Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock.

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Dover Corp. engages in the manufacture of equipment, components, and specialty systems. It also provides supporting engineering, testing, and other similar services. It operates through the following business segments: Engineered Systems, Fluids, Refrigeration & Food Equipment, and Energy.

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