UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Dover Corp. on Multiple Positive Factors

In a report published Tuesday, Bank of America analyst Andrew Obin reiterated a Buy rating on

, and raised the price target from $93.00 to $101.00. In the report, Bank of America noted, “We raise our DOV PO from $93 to $101 on higher valuation multiple and higher earnings forecast. DOV's highest margin business, Energy is accelerating, as it benefits from the momentum of the US energy cycle, particularly as rig count improves, providing potential upside to our estimates and the company's outlook. In our view, DOV has a solid portfolio of high return assets that screens as inexpensive relative to the group on a ROIC and ROTA basis (the primary metrics we use for capital allocation stories). The Knowles spin reduces DOV's complexity, allowing investors to focus on the company's superior returns. We raise our EPS to the high end of the outlook range, in line with recent management commentary.” Dover Corp. closed on Monday at $90.00.