Dover Corporation (DOV): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Summary:
We are reiterating our Neutral recommendation on Dover Corporation with a target price of $87. In third-quarter 2014, adjusted earnings of the company grew 8% year over year to $1.35 per share, driven by revenue growth and strength in bookings across all segments. However, the company slashed its earnings guidance for 2014 to the new range of $4.75 $4.80 per share due to the impact of transaction costs from acquisitions. Further, adverse macroeconomic factors such as a stronger U.S. dollar and lower long-term interest rates might hurt Dover's growth. Although Dover expects to benefit from acquisitions, strong bookings and orders and anticipated growth in the Energy segment, volatile raw-material costs and increased exposure to political and monetary instability due to expansion in lower cost countries remain areas of concern.

Overview:

Incorporated in 1955, New York-based Dover Corporation (DOV) is an industrial conglomerate producing a wide range of specialized industrial products and manufacturing equipment. It operates primarily in the U.S. and has subsidiaries and affiliates in Canada, France, Germany, the Netherlands, Sweden, China and the United Kingdom. Dover caters to a diverse clientele, principally spread across the Americas, Europe and Asia.

The company operated its business under four segments - Fluids (18% of total revenue in the third quarter of 2014), Engineered Systems (33%), Energy (24%) and Refrigeration & Food Equipment (25%).


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



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