Morgan Stanley Downgrades Dover Corp. (DOV) to Equalweight
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Morgan Stanley analyst Joshua Pokrzywinski downgraded Dover Corp. (NYSE: DOV) from Overweight to Equalweight with a price target of $134.00 (from $131.00).
The analyst commented, "Our March 2020 upgrade was predicated upon DOV's markets normalizing faster given limited exposure to COVID-sensitive industries or chunky capex purchases vs. the cost of doing business. Bulls need 2021 to exceed 2019 plus cost savings and ideally need to rerate some of the more attractive levels vs. the S&P 500 in recent years while the S&P itself likely compresses. Risk/reward is now more balanced even though the niche quality businesses, thoughtful management strategy, and margin expansion potential remain hallmarks of the company in our view."
Shares of Dover Corp. closed at $123.48 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades
Related EntitiesMorgan Stanley, Standard & Poor's
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