Morgan Stanley Upgrades Rockwell Automation (ROK) to Equalweight
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Morgan Stanley upgraded Rockwell Automation (NYSE: ROK) from Underweight to Equalweight with a price target of $145.00 (from $136.00).
Analyst Nigel Coe comments "We turn more bullish on ROK as we see upside to estimates from US IP acceleration. While the valuation premium acts as a brake on our enthusiasm, we view the cash-adjusted multiple as reasonable and see a repatriation deal as key to unlocking B/S capacity."
Coe raises his 2017 ModelWare EPS from $5.98 to $6.06, 2018 ModelWare EPS from $6.58 to $6.83 and 2019 ModelWare EPS from $7.50 to $7.82.
Coe further states "we cannot ignore the fact that ROK is attractive to many industry consolidators and this should support a premium rating. Key risks here relate to timing of anticipated cycle recovery and negative ramifications to global trade and USD from US policy proposals."
Shares of Rockwell Automation closed at $138.51 Friday.
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