Dover price target raised to $157 from $149 at Wells Fargo

Wells Fargo analyst Joseph O’Dea raised the firm’s price target on Dover to $157 from $149 and keeps an Equal Weight rating on the shares. On the 4th consecutive quarter of order declines, orders may have reached a level to break out of the declining orders malaise, the firm says. At Q4 2022 order levels, backlog would normalize by end of 2023, Wells adds. That also assumes underlying demand remains strong.