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DOV

Dover

$72.24

-1.45 (-1.97%)

06:42
10/10/16
10/10
06:42
10/10/16
06:42

Dover cites weak global economy for FY guidance cut

Dover's President and CEO, Robert Livingston, said, "While our upstream drilling and production businesses showed solid improvement in the third quarter, and our Printing & Identification businesses continued to perform well, our overall results were well below our expectations. These results were principally impacted by a weak global economy and ongoing production inefficiencies in our retail refrigeration business. Looking forward, we expect continued solid performance from Printing & Identification as well as sequential improvements in our upstream business. We also expect the macro global economy to remain soft, later cycle oil & gas exposed businesses to remain weak, and continued margin pressures in Refrigeration & Food Equipment through the end of the year, as we work to streamline and improve our production systems. These factors will cause our full year results to be below our estimates previously communicated." Regarding the Wayne acquisition, Mr. Livingston said, "We are disappointed by the CMA's decision, but committed to actively exploring measures to satisfy the CMA's concerns to resolve this as quickly as possible. This issue relates only to the U.K. dispenser business, which is very small in the context of the wider transaction, and does not change the strategic rationale or economics of the transaction. Nevertheless, the transaction remains subject to the satisfaction of customary closing conditions, including approval by the CMA.

  • 17

    Nov

DOV Dover
$72.24

-1.45 (-1.97%)

06/10/16
06/10/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on the today's top five analyst upgrades with this list compiled by The Fly: 1. Dover (DOV) upgraded to Outperform from Market Perform at Bernstein with an $87 price target. The firm thinks that the oil-related headwinds the company had been experiencing have peaked. It says that the company's non-oil business now accounts for 93% of its earnings, up from about 60% previously, and Bernstein expects those units to generate low to mid single digit percentage organic growth. Additionally, the firm is extremely upbeat on the company's acquisition of Wayne, saying that the deal increases the value of Dover's stock by $7 per share. 2. Joy Global (JOY) upgraded to Outperform from Market Perform at FBR Capital by analyst Lucas Pipes, who also raised its price target for shares to $25 from $14. The analyst has increased confidence Joy's growth opportunities following its strategic wins in India and the Canadian oil sands and notes the company's organic order rate is tracking well against his estimates. 3. Ducommun (DCO) upgraded to Buy from Hold at Canaccord, which raised its price target to $23 from $19 on Ducommun shares. The firm cited better visibility, execution and de-leveraging of its balance sheet. The recent divestitures are expected to significantly contribute to improved margins, the firm said. 4. Pentair (PNR) upgraded to Buy from Neutral at Seaport Global by analyst Ryan Cassil, who raised his price target to $70 from $59. The analyst believes the worst margin performance is behind the company in its V&C segment and has increased confidence in management's forecast for decrementals to be reduced by half in Q2 as volumes increase seasonally and high-cost inventory is turned. 5. U.S. Concrete (USCR) upgraded to Buy from Neutral at Sidoti by analyst Michael Conti, who raised his price target to $90 from $72. The analyst views the capital raise from debt refinancing as a catalyst for acquisitions. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/13/16
BOFA
07/13/16
NO CHANGE
Target $85
BOFA
Buy
Dover price target raised to $85 from $75 at BofA/Merrill
BofA/Merrill analyst Andrew Obin raised Buy rated Dover's price target to $85 from $75 based on a higher multiple driven by higher energy estimates and strategic nationality on the Energy business.
07/26/16
BOFA
07/26/16
NO CHANGE
BOFA
Dover added ot hte US 1 List at BofA/Merrill
BofA/Merrill added Dover to the US 1 List saying Energy downside appears limited and overall earnings appear to be stabilizing.
10/07/16
SUSQ
10/07/16
INITIATION
Target $77
SUSQ
Neutral
Dover initiated with a Neutral at Susquehanna
Susquehanna analyst Robert Barry initiated Dover with a Neutral and a $77 price target.

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