Rockwell Automation price target lowered to $320 from $357 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Rockwell Automation to $320 from $357 and keeps an Overweight rating on the shares. The firm notes Orders delivered in Q1 and Operations fell flat. Wells’ 2024 EPS dropped 6%, implying a 12% drop in the multiple. If it was an operational miss, the multiple should recover, the firm argues, adding that if it’s more than that, then not necessarily. Demand commentary was upbeat, Wells says.