UPDATE: Morgan Stanley Reiterates On Dover Corp On Lowered 2015 Estimates

In a report published Friday, Morgan Stanley analyst Nigel Coe reiterated an Equal-Weight rating on

, but lowered the price target from $86.00 to $84.00. In the report, Morgan Stanley noted, “DOV's top line and booking data showed very little evidence of global macro concerns, with organic growth accelerating to 4.1% (up 140bps Q/Q) as Energy & Fluids – the two segments most sensitive to weaker commodities and global GDP – led the way; orders grew 6% ex-M&A. It was operating conversion within Ref. that precipitated the Sep pre-announcement with segment margins falling by 180bps Y/Y on supply chain inefficiencies and adverse (Belvac) mix – a 3c headwind that was highlighted very clearly by mgmt on the call. Another key takeaway was a greater proclivity to repurchase stock at these levels, with mgmt pointing to a quiet M&A pipeline between now and YE.” Dover Corp closed on Thursday at $73.44.