- RBC Capital analyst Deane Dray lowered the price target on Dover Corp DOV from $136 to $130 while maintaining the Sector Perform rating on the shares.
- The analyst mentions that, as expected, the operating environment remains challenging, pressured by China lockdowns and component shortages, though management commentary suggested both situations are improving.
- Price/cost continues to improve with expectations to be positive in 2H22, added Dray.
- Consistent with prior signaling, orders and backlog are declining, but the positive spin is that these are welcomed signs of shortening lead times and improving supply chains, noted Dray.
- Related: Dover Reports Mixed Q2 Results, Reaffirms FY22 Guidance
- Deutsche Bank analyst Nicole DeBlase lowered DOV's price to $132 (an upside of 3%) from $135 while maintaining the Hold rating on the shares.
- Price Action: DOV shares are trading higher by 0.42% at $127.97 on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.