Wells Fargo Upgrades Rockwell Automation (ROK) to Overweight Citing 'Improving Orders and PMI Recovery'

Wells Fargo analyst Joseph O'Dea upgraded Rockwell Automation (NYSE: ROK) from Equal Weight to Overweight with a price target of $357.00.

The analyst comments "ROK is poised to deliver solid earnings growth, with improving orders and strengthening PMI to drive outperformance on multiple expansion. As orders bottom, we look to F1Q24 as a proof point. Improvements in inventory positioning and solid backlog execution
adds support in the event of a slower recovery in F24. FCF is also expected to strengthen following supply chain-driven working capital inefficiency. We rate the shares Overweight."

For an analyst ratings summary and ratings history on Rockwell Automation click here. For more ratings news on Rockwell Automation click here.

Shares of Rockwell Automation closed at $305.30 yesterday.

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