Rosenblatt Starts Rockwell Automation (ROK) at Neutral
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Rosenblatt analyst Scott Graham initiates coverage on Rockwell Automation (NYSE: ROK) with a Neutral rating, PT $217.00.
The analyst comments "We believe ROK's position in the growing automation market and well-conceived sales strategies will drive a modest acceleration in organic as F2020 progresses and into F2021. We also favor its aggressive share repurchasing and high ROIC. But of its several end-markets concern us and we expect investment spending to continue to rise. Combined, these factors limit our EPS growth forecasts to +3% and +9% in F2020 and F2021 with little growth until 4Q20. Meanwhile, the stock has materially outperformed and we think needs to take a breather."
Shares of Rockwell Automation closed at $202.23 yesterday.
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