Dover initiated with a Neutral at UBS

UBS analyst Amit Mehrotra initiated coverage of Dover (DOV) with a Neutral rating and $217 price target The firm sees a path to low-double-digit annual earnings growth over the next two years, with additional upside potential from acquisitions given the company’s $3B of fire power by year-end, but says the timing is uncertain. UBS expects evolution of Dover’s business portfolio, but believes “complexity remains.”