Nomura Securities Maintains a 'Buy' on Rockwell Automation (ROK); Highlights From Meeting With Management

Nomura Securities maintains a 'Buy' on Rockwell Automation (NYSE: ROK) price target of $93.00.

Analyst, Shannon O'Callaghan, said, "Rockwell’s technology, market positions, growth opportunities and disciplined capital allocation suggest further attractive returns ahead. Core US discrete markets like auto still sound strong as do process markets like oil & gas. We think China automation orders are bottoming and Rockwell’s trends seem to agree, although a pick-up has not yet materialized (we expect a better fiscal 2H12). Process, safety, OEM and emerging markets all continue to be key growth opportunities with room to run, and we expect further commitment to internal investment in these areas combined with disciplined acquisitions of around $100M/year. Our $93 price target represents 17x our 2012 EPS estimate of $5.45."

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 $82.30 yesterday.

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