UPDATE: Ascendiant Capital Downgrades Dover Following 3Q13 Earnings Review

In a report published Friday, Ascendiant Capital Markets analyst Christopher Bamman downgraded the rating on

from Buy to Neutral. In the report, Ascendiant Capital Markets noted, “Given the reduction in the midpoint of managements 2013 EPS guidance to $5.61 from $5.64 previously, coupled with softer than expected market conditions, we believe upside to the shares could be limited. Furthermore, the shares are trading close to its median P/E of 15x over the past ten years and EV/EBITDA north of 9.0x reflecting fair value, in our opinion.” Dover Corporation closed on Thursday at $87.40.