Nomura Securities maintains a 'Neutral' on Rockwell Automation (ROK); Solid Momentum, But Valuation Pushing The Limit

Nomura Securities maintains a 'Neutral' on Rockwell Automation (NYSE: ROK), PT increased from $88 to $92.

Nomura analyst, Shannon O'Callaghan, said, "While ROK is a strong automation company with solid momentum, we think its valuation is pushing the limit. We think EV/Sales at a peak level suggests a lot is already priced in here. Near-term industrial strength and heated M&A talk in our sector keep us from being even more cautious near term so we stay at Neutral, but the history around prior EV/Sales peaks deserves consideration, in our view. We raise 2011 and 2012 EPS estimates to $4.60 and $5.40, from $4.35 and $4.90, respectively."

For more ratings news on Rockwell Automation click here and for the rating history of Rockwell Automation click here.

Shares of Rockwell Automation closed at $93.76 yesterday.

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