While a strong quarter had been "well flagged" by management, "there is no question" that Dover's (DOV +3.2%) Q1 results and its 2017 forecast boost outperformed buy-side expectations, according to Morgan Stanley.
Analyst Nigel Coe: Expects shares to rally with ~5% outperformance today, sees strongest Q1 backlog since 2011, awaits commentary on CC regarding breadth of activity in North America Energy segment as well as what caused the sharp inflection in refrigeration bookings and progress on curing manufacturing efficiencies.
The firm rates DOV at Overweight with a $90 PT.
Previously: More on Dover's Q1 (Apr. 20 2017)
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