Berenberg Starts Rockwell Automation (ROK) at Sell
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Berenberg initiates coverage on Rockwell Automation (NYSE: ROK) with a Sell rating and a price target of $110.00.
Analyst Simon Toennessen commented, "Despite the high-quality nature of the business (strong returns, margins and FCF) we see increasing risk for further market share losses against its European peers Siemens and Schneider in the automation sector. A combination of cyclical headwinds (eg in process markets) and lack of secular growth (eg through software exposure) leads us to model adjusted EPS declines of 2% in FY 2017 (after already 9% in FY 2016) implying forecasts 8% below consensus."
Shares of Rockwell Automation closed at $122.34 yesterday.
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