Deutsche Bank names Dover ‘Catalyst Call: Sell’

Deutsche Bank keeps a Hold rating on Dover while also calling the stock a “Catalyst Call: Sell Idea”, though raising the firm’s price target to $152 from $150. The implied Q4 guidance requires a much greater than normal seasonal step-up in revenue and earnings, and based on recent demand trends, this is not a likely outcome, the analyst tells investors in a research note. The firm’s orders analysis also suggests that Dover could see further deterioration in the annual order trend to down 12% from last year in Q3 vs. a 10% decline seen in Q2, Deutsche Bank added.