Rockwell Automation price target lowered to $290 from $300 at Loop Capital

Loop Capital lowered the firm’s price target on Rockwell Automation to $290 from $300 and keeps a Hold rating on the shares. The company reported a “solid” set of of Q2 results and the retrenchment in the shares along with meaningful restructuring savings makes the long story more compelling, but this is offset by uncertainty around the timing of reacceleration in end demand and the Q4-weighted FY24 guidance that was cut given greater destocking headwinds within the machine builder market, the analyst tells investors in a research note.