Rosenblatt Upgrades Rockwell Automation (ROK) to Neutral
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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."
Shares of Rockwell Automation closed at $222.28 yesterday.
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