Valued at $24.3 billion by market cap, Dover Corporation (DOV) operates as an industrial conglomerate producing a wide range of specialized industrial products and manufacturing equipment. The Downers Grove, Illinois-based company operates through Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies segments.

Dover has significantly underperformed the broader market over the past year. DOV stock has declined 1.1% over the past 52 weeks and 4.2% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 14.3% gains over the past year and 9% returns in 2025.

Narrowing the focus, DOV has also underperformed the sector-focused Industrial Select Sector SPDR Fund’s (XLI) 18.5% surge over the past year and 14.9% gains in 2025.

Dover’s stock prices dipped 2.2% in the trading session following the release of its Q2 results on Jul. 24. The company reported a solid 5.2% year-over-year growth in revenues to $2.05 billion, surpassing the consensus estimates by 57 bps. Further, its adjusted EPS surged 16.2% year-over-year to $2.44, exceeding Street expectations by 2.1%.

However, the company has observed a 1.1% contraction in adjusted EBITDA margin, dropping from 25.1% in Q1 to 24% in Q2. This was primarily influenced by higher SG&A expenses. Of the five operating segments, Dover observed an EBITDA contraction in three of them. Moreover, this contraction occurred despite a gross margin expansion, underlying the company’s inefficiency in managing expenses.

For the full fiscal 2025, ending in December, analysts expect DOV to report an adjusted EPS of $9.46, up 14.1% year-over-year. The company has a solid earnings surprise history. It has surpassed the Street’s bottom-line estimates in each of the past four quarters.

The stock has a consensus “Moderate Buy” rating overall. Of the 17 analysts covering the stock, opinions include 10 “Strong Buys” and seven “Holds.”

This configuration has remained constant in recent months.

On Jul. 25, Wells Fargo (WFC) analyst Joseph O'Dea maintained an “Equal-Weight” rating on DOV and raised the price target from $190 to $195.

As of writing, DOV’s mean price target of $215.19 represents a 19.7% premium to current price levels. Meanwhile, the street-high target of $235 suggests a 30.8% upside potential.