- Wells Fargo analyst Joseph O'Dea upgraded Dover Corp (NYSE:DOV) to Equal Weight from Underweight and raised the price target to $184 (an upside of 10%) from $165.
- The analyst says Dover's transactions announced last week will contribute to "solid" earnings growth in 2022, while current balance sheet capacity could mean deals in 2022 leave "upside bias" to 2023 estimates.
- He adds that he sees downside catalysts diminishing for Dover.
- O'Dea notes that his 2021 EPS estimate is unchanged, and his 2022/2023 EPS estimates have increased, adding that implied Q4 revenue growth of 3% at the midpoint "looks too low."
- Baird analyst Mircea Dobre raised the price target to $205 from $193 and maintained an Outperform rating on the shares.
- The analyst remains a buyer following the acquisitions of Acme Cryogenic and RegO.
- He further adds that the investor call showed they are a good strategic fit for the two businesses within the company's evolving portfolio, and their expected first-year accretion is above his initial estimate.
- Price Action: DOV shares are trading lower by 1.9% at $167.05 on the last check Monday.
