Dover price target raised to $200 from $180 at BofA

BofA analyst Andrew Obin raised the firm’s price target on Dover to $200 from $180 and keeps a Buy rating on the shares. The firm has raised its multiple to 14-times its 2024 adjusted EBITDA estimate, up from 13-times previously, arguing that a discount to the 15-times peer average multiple on 2023 is warranted due to "improving, but still below, peer margins." In addition, the firm argues that Dover’s "portfolio evolution has been underappreciated by investors."