Dover shares rise 2.4% as BMO Capital raises its rating, citing an overdone 8% drop following Q2 results.
Dover (DOV) climbed 2.4% in Friday trading after BMO Capital upgraded the stock to Outperform from Market Perform, setting a $240 price target. The firm called the stock’s roughly 8% decline after Q2 earnings overdone, leaving shares nearly flat year-to-date.
Prior to the upgrade, Dover had underperformed peers following its Q2 report, despite meeting consensus estimates. The stock’s pullback was seen as a buying opportunity given its valuation and sector positioning.
Shares reversed early losses to trade higher by midday, reflecting investor response to the revised outlook.