Industrial products manufacturer Dover (DOV) revealed that it has completed the acquisition of The Espy Corporation. The terms of the deal have not been disclosed so far. Espy will become part of the Microwave Products Group (MPG) within Dover’s Engineered Products segment.
The acquisition enables Dover to cater to the growing demand for radio frequency detection and spectrum analysis with the help of Epsy’s proprietary machine learning and real-time geolocation technology. (See Dover stock charts on TipRanks)
Also, MPG will be able to offer advanced radio frequency signal solutions to various end markets, primarily within the defense industry. Furthermore, it will bolster MPG’s technological leadership in radio frequency applications.
The President of MPG, Ron Ruppersburg, said, “The complementary product offerings and customer bases between these businesses will create significant opportunities for cross-selling and co-development of our advanced market-leading products allowing our customers to maintain their advantages in the field.”
Two months ago, Morgan Stanley analyst Joshua Pokrzywinski maintained a Hold rating on Dover and raised the price target to $175 from $164. The new price target implies 4.4% upside potential from current levels.
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 4 Buys and 5 Holds. The average Dover price target of $173.25 implies 3.3% upside potential to current levels.
DOV scores a 9 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.
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