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

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Summary:
Dover Corporation reported adjusted earnings of $1.29 per share in the second quarter of 2014, in line with the Zacks Consensus Estimate. While earnings improved 14% year over year, driven by solid revenue growth, strength in bookings, and an increase in earnings across all segments. Total revenue also rose 6% year over year to $2 billion, but lagged the Zacks Consensus Estimate. Dover raised full year 2014 earnings guidance to the new range of $4.75 $4.85 per share and expects revenue growth of 6% 7%. Dover's continuous focus on the development and delivery of products, and solutions to customers will drive growth. However, volatile raw material costs and rising macroeconomic uncertainties might put margins under pressure. Thus, we are reaffirming our Neutral recommendation Dover Corporation with a target price of $91.

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.

Starting fiscal 2014, the company operated its business under four segments - Fluids (18% of total revenue in the first quarter of 2014), Engineered Systems (35%), Energy (25%) and Refrigeration & Food Equipment (22%).


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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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