Seaport Maintains Buy Rating on Dover Corporation (DOV)

Dover Corporation (NYSE:DOV) is one of the 15 best Industrial Machinery and Supplies stocks to buy according to Hedge Funds.

On February 3, Walter Liptak of Seaport Research reiterated his Buy rating on Dover Corporation (NYSE:DOV). In the process, the analyst also adjusted his price target estimate on the stock from $230 to $245. His revised forecast now yields more than 18% upside for investors.

Liptak’s revisions are based on his view that the business model for Dover Corporation (NYSE:DOV) has evolved into a high-performance machine. This allows for the company’s valuation to increase from the prevailing level.

Back on January 31, Joe Ritchie from Goldman Sachs also revised his price target on Dover Corporation (NYSE:DOV) from $220 to $224, and maintained a Buy rating.

Ritchie’s bullish adjustments followed the company’s fourth quarter announcement, which beat consensus estimates. Despite slightly lower growth forecasts, management remains optimistic based on strong orders.

Dover Corporation (NYSE:DOV) is a diversified industrial products manufacturer. Their product portfolio comprises consumable supplies, equipment & components, aftermarket parts, wheel service equipment, vehicle diagnostics, digital solutions, and support services. The business has five segments, i.e., Climate & Sustainability Technologies, Clean Energy & Fueling, Engineered Products, Imaging & Identification, and Pumps & Process Solutions.

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Disclosure: None. This article is originally published at Insider Monkey.