Rockwell Automation price target lowered to $316 from $322 at Citi

Citi analyst Andrew Kaplowitz lowered the firm’s price target on Rockwell Automation to $316 from $322 and keeps a Buy rating on the shares. The firm says that given a steep orders and revenue ramp previously embedded in the company’s fiscal 2024 outlook, it is not surprised by near-term pressure on Rockwell’s guidance as some channel partners continue to draw down inventory. That said, the analyst thinks these near-term pressures were largely anticipated by investors.