Dover Corp: Takeaways from CEO meetings

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Dover Corp: Takeaways from CEO meetings

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Dover Corp

Takeaways from CEO meetings

Maintain Rating: BUY | PO: 274.00 USD | Price: 223.57 USD

Diving into Dover with CEO Tobin 22 June 2026

We hosted investor meetings with CEO Richard Tobin and Vice President Investor Equity

Relations Jack Dickens in Chicago on 6/17. Key takeaways: 1) US industrial demand is

solid, 2) Dover is a beneficiary of gas power & commercial space build outs, and 3) 2H Andrew Obin Research Analyst

incrementals will largely reflect revenue mix. We maintain our Buy rating given prudent BofAS

capacity additions in areas of secular demand and solid capital allocation. +1andrew.obin@bofa.com646 855 1817

Demand strength warrants capacity expansions DavidResearchRidley-Lane,Analyst CFA

Tobin views US industrial demand as being “in a really good cycle.” Management expects BofAS+1 646 855 2907

2Q book-to-bill being “comfortably above 1.0x.” Book-to-bill may be down sequentially david.ridleylane@bofa.com

from 1Q’s 1.20x but likely above the trailing 12 months’ 1.04x, in our view. In response Devin Leonard

Research Analyst

to this demand, Dover is adding capacity in thermal connectors for data centers (liquid BofAS

cooling), heat exchangers, CO2 systems, and serialization consumables. +1 646 855 3698

devin.leonard@bofa.com

Beneficiary of gas power and commercial space build out

Management sees the gas power infrastructure build out driving a multi-year period of

high single- to low double-digit growth. Dover has content on gas turbines and Stock Data

reciprocating engines, midstream pipelines, and liquified natural gas (LNG) facilities. Price 223.57 USD

The acquisition of Sikora (June 2025; polymer-coated wires/cables) added exposure to Price Objective 274.00 USD

the electrification trend.