UPDATE: Morgan Stanley Upgrades Dover Corporation to Overweight on Core Growth Outlook
Morgan Stanley upgraded Dover Corporation (NYSE: DOV) from Equal-weight to Overweight and raised the price target from $74.00 to $79.00.
Morgan Stanley said, "Although DOV has provided the most optimistic core growth outlook in the group, consensus does not look overly aggressive. Investors have highlighted that the 3-5% core growth outlook for 2013 is toward the high-end of the sector average (1-5%). However, DOV is expected to exit 2012 at a 3-4% run-rate (driven by easing comps at Comm Tech and PID) – and given that most companies are framing the low-end of their outlook on 2H exit rate, this range seems appropriate at midpoint. Moreover, we are encouraged by our Oil Services teams' outlook for 5% Y/Y rig count growth in 2013 (albeit 2H skewed) and we see the potential for a substantial pickup in Comm Tech on the back of continued smartphone market growth (+8% in 2013)."
Dover Corporation closed at $66.86 on Monday.
Latest Ratings for DOV
|Oct 2016||Susquehanna||Initiates Coverage on||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.