Dover Corp. (DOV) PT Raised to $115 at Citi As Numbers Shift to 2021 - Citi

Citi analyst Andrew Kaplowitz raised the price target on Dover Corp. (NYSE: DOV) to $115.00 (from $113.00) after 3Q EPS of $1.60 was above the consensus of $1.51. Ongoing cost savings efforts combined with China revenues rising +20% yoy and all segments posting organic growth in Europe, should enable DOV shares to outperform in a difficult macro environment.

The analyst stated "We raise our 2019 adj. EPS estimate to $5.85 (from $5.80) based on 3Q’s upside partially offset by a lower 4Q given the timing of shipments, maintain our 2020 estimate at $6.30 and tweak our 2021 estimate up to $6.75 (from $6.70) reflecting an extended runway for margin improvement. We raise our target price to $115 based on 17x our 2021 adj. EPS estimate (from $113 based on 18x our unchanged 2020 estimate).

while maintaining a Buy rating.

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