The firm said it lowered its rating on the company, which manufactures a variety of specialized products and components for the communications, energy, engineered systems, and orienting and identification industries, based on its "outsized exposure to oil and gas."
"With [around] 30% of earnings into related markets, our best case scenario is now negative enough to establish a well enough below consensus estimate to act on a relative ratings change," JPMorgan said.
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JPMorgan lowered its price target on Dover Corp. stock to $73 from $86.
Separately, TheStreet Ratings team rates DOVER CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DOVER CORP (DOV) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."