Dover price target lowered to $156 from $174 at Baird

Baird lowered the firm’s price target on Dover to $156 from $174 after its Q3 results and FY23 guidance cut but keeps an Outperform rating on the shares. The quarter was highlighted by “downside operationally: and lowered guidance on ongoing biopharma headwinds, labor strikes impacting DEP, higher levels of inventory correction, and greater conservatism given the macro backdrop, the analyst tells investors in a research note. Looking to 2024 however, Dover continues to see paths for differentiated growth despite a mixed macro backdrop, given easy destock comps and idiosyncratic exposures, the firm added.