Analysts Raise Dover's Price Target After Q3 Results - Dover (NYSE:DOV)

Multiple analyst firms raised their price target on Dover Corp DOV after solid Q3 results and raised outlook.
JPMorgan analyst Stephen Tusa raised the price target to $180 from $178 (suggesting 5.6% upside) and maintained an Overweight rating on the shares post the Q3 results. The analyst views Dover as a "cheap diversified industrial."
Wells Fargo analyst Joseph O'Dea raised the price target to $160 (implying a downside of 6%) from $152 and maintained an Underweight rating on the shares.
O'Dea says that "a beat and raise in this environment seems like a big surprise." It appears that Q4 implied guide is conservative, potentially setting up another beat, he adds.
O'Dea notes that given the collection of positives, the stock's choppy behavior is "surprising." He attributes the move to a key debate around backlog and whether orders or earnings will have more influence on the stock moving forward.
Deutsche Bank analyst Nicole DeBlase raised the price target to $187 (an upside of 9.8%) from $173 and maintained a Hold rating on the shares. The analyst thinks the company will likely deliver a "modest beat" for Q3.
Baird analyst Mircea Dobre raised the price target to $193 from $176 (suggesting 13% upside) and maintained an Outperform rating on the shares.
Dobre says that the Q3 results showed robust demand and pricing across all segments helping to trump supply chain and inflation headwinds.
He mentions the stock remains attractive with solid execution in a tough environment coupled with valuation still below peer median; he remains a buyer of the shares.
Citi analyst Andrew Kaplowitz raised the price target to $196 from $185 (implying 15% upside) and maintained a Buy rating on the shares.
Kaplowitz mentions that the ongoing favorable demand trends across much of the company's portfolio, coupled with good execution despite a challenging operational environment, highlight Dover's "solid positioning in the current recovery."
RBC Capital analyst Deane Dray raised the price target to $171 from $163 and maintained a Sector Perform rating on the shares.
Dray states that the company's "solid" Q3 earnings beat was driven by the upside in Pumps while its earnings call demonstrated that the management is "handling" the supply chain headwinds, even though these pressures are unlikely to abate before the end of the year.
Dray adds that Dover looks increasingly well-positioned for the upcoming Phase 2 of the Cyclical Recovery.
Morgan Stanley analyst Joshua Pokrzywinski raised the price target to $190 (an upside of 11%) from $173 and maintained Equal-Weight ratings on the shares.
Price Action: DOV shares are trading higher by 1.50% at $170.43 on the last check Wednesday.

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