UPDATE - Nomura Securities Upgraded Rockwell Automation (ROK) to Buy; U.S. Discrete and Global Process Demand Strong

UPDATE - Nomura Securities upgraded Rockwell Automation (NYSE: ROK) from Neutral to Buy, price target raised from $77 to $87.

Nomura analyst, Shannon O’Callaghan, said, "We see upside to consensus and think that the current valuation reflects heightened risk aversion owing to the shorter cycle nature of Rockwell’s business and related lack of visibility, while undervaluing Rockwell’s ability to excel in secularly growing automation markets driven by technology that builds upon historical strength. U.S. discrete markets look strong with favorable conditions for U.S. automotive automation investment as auto sales continue their rebound. We also see opportunity in its Process business...raising our 2012 EPS estimate to $5.40, 2013 to $6.10, and our price target to $87 (~16x our 2012 EPS estimate)."

To see more ratings on ROK, Click Here

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