Dover Sees Strong Bookings Growth, Demand Momentum, RBC Capital Markets Says

MT Newswires Live
04/25

Dover (DOV) reported a modest Q1 operating beat, with 24% bookings growth and a 1.20x book-to-bill ratio pointing to demand momentum, RBC Capital Markets said in a Thursday note.

The firm said bookings strength was broad-based, with all segments posting book-to-bill above 1.10x.

RBC highlighted strength in clean energy components, fluid transport, retail fueling, refrigerated door cases, heat exchangers and CO2 refrigeration systems.

The firm also said bookings strength suggests upside to Dover's 3% to 5% organic growth guidance. Dover reaffirmed its 2026 adjusted earnings per share guidance of $10.45 to $10.65, and revenue growth outlook of 5% to 7%.

RBC raised its price target to $252 from $225, and maintained its sector perform rating on Dover.

Price: 229.96, Change: +1.81, Percent Change: +0.79

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