Dover Corp. (DOV) PT Raised at BofA/Merrill Lynch on Higher Multiple and Earnings

BofA/Merrill Lynch analyst Andrew Obin boosted his price target on Buy-rated Dover Corp. (NYSE: DOV) to $101.00 (from $93.00) on higher valuation multiple and higher earnings forecast.

Obin notes, "DOV’s highest margin business, Energy is accelerating, as it benefits from the momentum of the US energy cycle, particularly as rig count improves, providing potential upside to our estimates and the company's outlook."

The analyst also note the company's balance sheet is strong so the company can plough back into M&A. They calculate that an acquisition in the range of $0.5-$1.0bn could add 20-25c/share to ’15 EPS. If the company doesn't complete deals it would turn to additional buyback. A buyback in the $0.5-$1.0bn range would drive EPS upside of 15-22c/share, they said.

For an analyst ratings summary and ratings history on Dover Corp. click here. For more ratings news on Dover Corp. click here.

Shares of Dover Corp. closed at $90.00 yesterday.

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