Analysts Trim Dover's Price Target Post Q2 Results

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.

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