Dover (DOV) Might be Pressured as Investors Punish Apple (AAPL) Suppliers
Stocks of number of Apple (Nasdaq: AAPL) suppliers faced pressure on Monday after rumors resurfaced that Apple had reduced iPhone 5 component orders. According to analysts at Deutsche Bank, Dover Corporation (NYSE: DOV) is among stocks being scrutinized.
"Within our coverage universe, a production cut by Apple could provide negative 'read-through' to DOV,” said analyst John G. Inch. "Recall Dover is a significant supplier to the cell phone/consumer electronics industry that is unique among multi-industry companies – MEMS microphones, receivers and speakers – where Apple is one of the largest customers."
Dover's Communication tech segment (DCT) has a well diversified customer base but could still face pressure to due to changes in investor sentiment, explained Inch. "Despite DCT's diversified OEM customer base, an Apple iPhone production cut could provide a significant drag to DCT," he cautioned.
Deutsche Bank has a hold rating on Dover with a price target of $72.
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 $67.07 yesterday, with a 52 week range of $50.27-$67.92.
"Within our coverage universe, a production cut by Apple could provide negative 'read-through' to DOV,” said analyst John G. Inch. "Recall Dover is a significant supplier to the cell phone/consumer electronics industry that is unique among multi-industry companies – MEMS microphones, receivers and speakers – where Apple is one of the largest customers."
Dover's Communication tech segment (DCT) has a well diversified customer base but could still face pressure to due to changes in investor sentiment, explained Inch. "Despite DCT's diversified OEM customer base, an Apple iPhone production cut could provide a significant drag to DCT," he cautioned.
Deutsche Bank has a hold rating on Dover with a price target of $72.
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 $67.07 yesterday, with a 52 week range of $50.27-$67.92.