Rockwell Automation downgraded on earnings risk at Berenberg

Berenberg downgraded Rockwell Automation to Hold from Buy with a price target of $290, down from $330. Following a “soft” Q1, there is an unusually high second half bias to the company’s earnings this year, implying near-term earnings risk is more skewed to the downside, the analyst tells investors in a research note. The firm believes Rockwell shares are less discounted than they appear on a 12-month view.