Dover (DOV) Latest Diversified Industrial to Announce Streamlining; More to Follow?
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Price: $207.07 --0%
Rating Summary:
19 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
19 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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Dover Corporation (NYSE: DOV) stock opened higher on Thursday amid heavy volume. The move is tied to news that Dover will pursue a tax-free spin of certain Communication Technologies businesses including Knowles, Sound Solutions and Vectron.
Commenting Deutsche Bank analyst John G. Inch, "While we argue that the proposed transaction does not necessarily 'unlock value' per se due to only modest SOTP valuation upside, Dover could become more palatable to investors who might otherwise have shied away due to Comm Tech."
Interestingly, Inch pointed out that a number of other diversified industrial have recently made moves to streamline operations.
"We note that Dover's announcement follows a string of portfolio streamlining actions (some of which driven by activists) by other diversified industrial companies over the past few years (e.g. ITT (NYSE: ITT) and Tyco (NYSE: TYC)) and more recently (GE Capital (NYSE: GE), Ingersoll Rand (NYSE: IR), ITW (NYSE: ITW), Timken (NYSE: TKR) and SPX Corp (NSYE: SPW) ). Consequently, it begs the question – which industrial company could be next?"
Inch didn't offer up answers, but the question itself might be enough to stir interest in the space.
Deutsche Bank has a Hold rating on Dover Corp. with a price target of $80.00
For an analyst ratings summary and ratings history on Dover Corp. (NYSE: DOV) click here. For more ratings news on Dover Corp. click here.
Shares of Dover Corp. closed at $76.41 yesterday.
Commenting Deutsche Bank analyst John G. Inch, "While we argue that the proposed transaction does not necessarily 'unlock value' per se due to only modest SOTP valuation upside, Dover could become more palatable to investors who might otherwise have shied away due to Comm Tech."
Interestingly, Inch pointed out that a number of other diversified industrial have recently made moves to streamline operations.
"We note that Dover's announcement follows a string of portfolio streamlining actions (some of which driven by activists) by other diversified industrial companies over the past few years (e.g. ITT (NYSE: ITT) and Tyco (NYSE: TYC)) and more recently (GE Capital (NYSE: GE), Ingersoll Rand (NYSE: IR), ITW (NYSE: ITW), Timken (NYSE: TKR) and SPX Corp (NSYE: SPW) ). Consequently, it begs the question – which industrial company could be next?"
Inch didn't offer up answers, but the question itself might be enough to stir interest in the space.
Deutsche Bank has a Hold rating on Dover Corp. with a price target of $80.00
For an analyst ratings summary and ratings history on Dover Corp. (NYSE: DOV) click here. For more ratings news on Dover Corp. click here.
Shares of Dover Corp. closed at $76.41 yesterday.
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