Dover price target raised to $90 from $80 at RW Baird Baird raised its price target on Dover following announcement of plans to spin off certain Communications Technologies assets into a new company. The firm views the unlocking of shareholder value and the re-focusing on core industrial markets as a positive driver. Shares are Outperform rated.
Dover reports Q1 EPS 72c, consensus 71c Reports Q1 revenue $1.72B, consensus $1.72B. The decrease in revenue was driven by an organic revenue decline of 6% and a 4% unfavorable impact from foreign exchange, offset in part by 5% growth from acquisitions. The company incurred $24M in restructuring charges in the quarter, primarily in Energy. These restructuring actions were in addition to $37M in charges incurred in the fourth quarter of 2014. Dover expects to pursue additional cost reduction actions as we move through the year.