Seeking Alpha

Morgan Stanley steps to sidelines on Dover

  • Dover (DOV -1.2%) trades lower on the heels of a Morgan Stanley downgrade.
  • Analyst Nigel Coe cuts the shares to Equalwieght from Overweight noting that "for the last year, [Morgan Stanley has] argued that DOV's FY13 guidance (which embedded 17% Y/Y mid-point EPS growth) was achievable and that this would lead to above-average multiple expansion. This has effectively played out."
  • Price target is now $94.
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