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 $77. In the 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. Earnings also beat the Zacks Consensus Estimate of $1.31 per share. Dover raised total revenue growth projection to 8% for fiscal 2014. However the company slashed earnings guidance to the new range of $4.75 $4.80 per share for the full year due to the impact of recent acquisitions. Dover expects to benefit from favorable trends with strong U.S. oil & gas dynamics, robust shipments in Printing & Identification, Waste Handling and Fluids as well as from acquisitions.

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 (17% of total revenue in the second quarter of 2014), Engineered Systems (34%), Energy (23%) and Refrigeration & Food Equipment (26%).


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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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