Rockwell Automation price target lowered to $280 from $320 at BofA

BofA analyst Andrew Obin lowered the firm’s price target on Rockwell Automation to $280 from $320 and keeps a Neutral rating on the shares after the company reported fiscal Q1 earnings that missed the firm’s estimates and the Street. The key feedback the firm is hearing from investors is little conviction on orders and revenue reacceleration in the second half, but its work indicates Rockwell has a better relationship with manufacturing capex than industrial production, which gives the firm more confidence that the company has not pulled forward demand in 2022/2023, the analyst says.