Rosenblatt Upgrades Rockwell Automation (ROK) to Neutral

July 29, 2020 5:13 AM EDT
Get Alerts ROK Hot Sheet
Price: $304.81 +1.88%

Rating Summary:
    13 Buy, 19 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 19
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Rosenblatt analyst Scott Graham upgraded Rockwell Automation (NYSE: ROK) from Sell to Neutral with a price target of $205.00.

The analyst comments "With its reported F3Q20 earnings -- which were very weak but beat -- management announced new cost reduction programs. While most of the expenses from this year's discretionary cost-downs will still be added back when sales improve -- we assume in F2H21 -- management now expects to offset these add-backs with the new cost initiatives and other factors. We still believe earnings will decline for another three quarters but with the new cost-downs we are increasing our F2H21 EPS estimates. Combined with the rise in the market multiple we now see ROK's valuation more balanced."

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 $222.28 yesterday.



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