Nomura Securities Maintains a 'Buy' on Dover Corp. (DOV); Fluid Management Segment Poised for Growth

Nomura Securities maintains a 'Buy' on Dover Corp. (NYSE: DOV) price target of $70.00.

Nomura analyst, Shannon O'Callaghan, said, "Dover’s Fluid Management (FM) segment (38% of 2011 segment earnings) is led by Dover’s Energy business (62% of segment) where rising rig counts, artificial lift, and horizontal drilling are driving strong growth. In 3Q11, FM earnings growth accelerated to 42%, and we think our 11% FM earnings growth assumption for 2012 could prove conservative. Despite the potential earnings upside from FM, Dover is trading at a 10% discount to the sector on consensus estimates, which is a 2-year low (15% discount on our estimates). Our $70 TP is based on 14.5x our 2012 EPS estimate of $4.85."

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 $52.01 yesterday.

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