UPDATE - UBS Initiates Coverage on Rockwell Automation (ROK) with a Neutral; Outlook Strong, But Largely Priced In

UPDATE - UBS initiates coverage on Rockwell Automation (NYSE: ROK) with a Neutral. PT $93.

UBS analyst said, "We view Rockwell as a high quality industrial automation company, with superior growth prospects to most companies in our large cap coverage universe over the next few years. However, ROK’s stock is presently trading roughly in-line with its historical relative valuation at this point in the cycle and at a sizable premium to its capital goods and automation peers. Given our view that the risk / reward trade-off is fairly balanced at these levels, we are initiating coverage with a Neutral."

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