UPDATE: Stifel Nicolaus Raises PT to $72 on Dover Corporation on Long-Term Outlook.
Stifel Nicolaus reiterated its Buy rating on Dover Corporation (NYSE: DOV) and raised its price target from $72 to $74.
Stifel Nicolaus said, "Investor concerns are focused on the near term outlook in the Energy segment and execution in the Communications Technology segment. While the volatility in oil prices in 2Q may have had a negative impact on demand in early 3Q12, relatively stable oil prices around $90 may have a positive impact from restocking. While we acknowledge execution at Sound Solutions has been poor to date, managements long term record is good and we expect to see the situation resolved as we head into 2013."
Dover Corporation closed at $58.83 on Friday.
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