Dover Corp. (DOV) PT Raised to $193 at RBC Capital

RBC Capital analyst Deane Dray raised the price target on Dover Corp. (NYSE: DOV) to $193.00 (from $192.00) while maintaining a Sector Perform rating.

The analyst comments "Sector Perform-rated Dover reported a solid 9c/4% operating beat vs. our estimates. Imaging had notable upside. Total bookings growth of 16% indicates that much of the malaise of destocking should be behind them with the exception of one more quarter of expected destocking in European heat exchangers/heat pumps. The company’s strategic pivot towards acquisitions of higher-tech critical components in growthier markets like industrial gas, cryogenic, and clean energy makes lots of sense to us. Eventually we expect opportunistic divestitures of other legacy capital goods businesses. Risk-reward looks balanced to us here"

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