UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Dover Corporation

In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Dover Corporation

, and raised its price target from $72.00 to $75.00. BMO Capital Markets noted, “DOV trades at 7.5x our estimated CY2013 EBITDA estimate of $1,752 million and at 6.9x our estimated CY2014 EBITDA estimate of $1,909 million. On an EV/EBITDA basis, we assume Dover can trade at 8.5x our CY2013 EBITDA estimate and 8.0x our CY2014 EBITDA estimate. We rate Dover Corporation shares Outperform owing to long-term strength in refrigeration, handsets, and energy.” Dover Corporation closed on Tuesday at $63.89.