UPDATE: Argus Starts Rockwell Automation (ROK) at Buy
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Argus analyst John Eade initiates coverage on Rockwell Automation (NYSE: ROK) with a Buy rating and a price target of $330.00.
The analyst comments "We are launching coverage of Rockwell Automation Inc. (NYSE: ROK) with a BUY rating. Rockwell Automation is a global leader in industrial automation and digital transformation services. Rockwell, whose products include sensors, control systems, and industrial control panels, serves customers in industries ranging from life sciences to electric vehicles. The company's earnings are recovering from their pandemic lows, and we forecast solid double-digit growth over the next several quarters. Rockwell has a clean balance sheet and high-quality earnings, and is focused on shareholder returns through both dividends and stock buybacks. There are risks. The shares are not cheap. But the technical pattern is bullish, and ROK shares have a long record of market and sector outperformance. Our 12-month target price is $330."
Shares of Rockwell Automation closed at $292.75 yesterday.
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