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.
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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