Oppenheimer analyst Noah Kaye lowered the firm’s price target on Rockwell Automation to $270 from $295 and keeps an Outperform rating on the shares. The firm notes shares were flattish Wednesday after Rockwell beat Q3 top-/bottom-line consensus, while guiding Q4 well below the Street and announcing incremental cost actions. While slowing end-user demand reflects broader macro uncertainty and election-year air pocket dynamics, destocking progress and improving orders conversion are positives, Oppenheimer adds.
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