Nomura Securities Maintains a 'Buy' on Dover Corp. (DOV); Maag Acquisition Reignites

Nomura Securities maintains a 'Buy' on Dover Corp. (NYSE: DOV) price target of $73.00.

Analyst, Shannon O'Callaghan, said, "Dover has long had some strong niche pump businesses such as Wilden and Blackmer. They took a step towards more scale in pumps back in 2008 when they combined these niche businesses into the Pump Solutions Group (PSG), but not a lot has happened since then. On 2/13, Dover announced the acquisition of Maag group, which had 2011 sales of approximately $170M. The Maag acquisition reignites this latent opportunity, and we think we could see more deals like it, which will give scale to both PSG as well as the larger Fluid Solutions growth platform. We expect integration and deal costs to make the acquisition $0.02 dilutive to 2012 EPS but we think the deal could be greater than $0.05 accretive in 2013. The deal is not yet in our estimates...Our EPS estimates remain unchanged for 2012/2013 at $5.00/$5.60."

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 $66.04 yesterday.

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