UPDATE: Stifel Raises PT on Dover Corporation on Setup For Strong EPS Growth in 2014

In a report published Friday, Stifel analyst Nathan Jones reiterated a Buy rating on Dover Corporation (NYSE: DOV), and raised the price target from $92.00 to $100.00.

In the report, Stifel noted, “After beating consensus estimates by $0.03 in 3Q13, despite absorbing lower than expected revenue and $0.02 from higher taxes, Dover reduced adjusted full year guidance by $0.06 at the midpoint, from $5.20-$5.35 to $5.18-$5.25. While this implies about a $0.09 miss to consensus 4Q13 estimates Dover now expects a full year tax rate of 27.8% for 2013 vs. 27.5% previously, which we estimate impacts 4Q13 EPS by $0.01, and recently completed acquisitions are expected to be $0.02 dilutive to 4Q13. While markets are modestly softer than anticipated currently, we see several tailwinds to margins in 2014 (including restructuring benefits, lower restructuring costs, accretion from completed acquisitions, and lower investment expenses) which we anticipate will allow the company to grow earnings by ~15% in 2014. As a matter of process we are rolling our price target forward a year and raising to $100. We maintain our Buy rating on DOV shares.”

Dover Corporation closed on Thursday at $87.40.