UPDATE: Citigroup Initiates Dover at Neutral; Backlog, Late-Cycle Exposure Laggin Peers

Citigroup initiated coverage on Dover DOV with a Neutral rating and a price target of $64. Citigroup noted, "Dover is steadily progressing in its transition from a cyclical machinery stock to a diversified industrial with above-average margins and growth opportunities. However, our bias is to own companies with bigger backlogs and more late-cycle exposure, underpinning our Neutral rating." Dover closed at $60.40 on Monday.