Dover price target lowered to $145 from $149 at RBC Capital

RBC Capital lowered the firm’s price target on Dover to $145 from $149 and keeps a Sector Perform rating on the shares after its Q3 results and FY23 guidance cut. Higher rates, destocking, and softer end market demand all contributed to lower-than-expected 2.4% organic sales decline vs. the firm’s estimate of up 2.0%, the analyst tells investors in a research note. Softness in biopharma, vehicle service, below-ground fueling, and European heat exchangers were among the culprits, RBC added.