Wells Fargo upgrades Dover with short-cycle recovery underway

Wells Fargo analyst Joseph O’Dea upgraded Dover (DOV) to Overweight from Equal Weight with a price target of $230, up from $210. The firm says the U.S. macro data is supportive of short-cycle recovery. If there is de-escalation in the Middle East over the near term, Dover shares will screen attractive for the accelerating organic growth that’s under way, the analyst tells investors in a research note. Wells expects the stock to also benefit from “typical short-cycle relative outperformance as the expansion advances.” Meanwhile, if the Middle East conflict persists, Dover has limited exposure to the region, adds the firm.