UPDATE: Bank of America Maintains Buy, Raises Target to $71 on Dover

Bank of America reiterates its Buy rating on Dover Corporation

and raises its price target to $71 from $70 as it raises EPS estimates following an upbeat investor meeting with the company. BofA comments, “Our EPS forecast increases from $4.75 to $4.90 in 2012 and from $5.40 to $5.50 in 2013. Our 2012 forecast assumes just over 4% organic growth for the total company. In our view, current trends in the energy and handset markets should continue to support robust growth in Dover's Energy and Communication Technologies segments into next year. In turn, we are assuming roughly 8% organic growth for both segments.” DOV closed at $55.73 per share on Thursday.