Jim Cramer’s Latest Stock Picks

10. Dover Corporation (NYSE:DOV)

Number of Hedge Fund Holders: 28

Cramer’s Charitable Trust owns Dover Corporation (NYSE:DOV) shares and one of the reasons he likes the company is its presence in the data center field. He commented on the company and said:

“They report next week. Charitable Trust owns it. I think it’s gonna be a good quarter. It’s also a data play… it’s everything. But the main thing is it’s in the data center. That’s why we like it. A lot of other reasons that are good too.”

Dover (NYSE:DOV) is a diversified global provider of a broad range of products, including equipment, components, consumable supplies, and software solutions. The company serves a variety of sectors, such as automotive, aerospace and defense, waste handling, and clean energy.

On October 16, Oppenheimer raised the price target on the company stock to $215 from $210 and kept an Outperform rating. The firm highlighted the company’s ability to navigate over $300 million in anticipated top-line headwinds in 2024. The assessment noted the company’s ongoing transformation as it shifts away from cyclical capital goods, focusing instead on mission-critical components that are supported by long-term growth trends. The firm mentioned that the company is better positioned than many of its industrial peers to capitalize on potential earnings growth in the near and medium term, especially as the stock trades at appealing multiples.

For 2024, Dover (NYSE:DOV) projects a GAAP EPS between $10.80 and $10.95, with an adjusted EPS expected to be in the range of $9.05 to $9.20. The guidance is based on forecasted revenue growth of 3% to 4%, or 2% to 3% on an organic basis.