Rockwell Automation price target lowered to $322 from $330 at Citi

Citi lowered the firm’s price target on Rockwell Automation to $322 from $330 and keeps a Buy rating on the shares. While overall Q1 results could be mixed for the diversified industrials and conglomerates, most multis could be well positioned to deliver largely inline results versus expectations and reiterate previously communicated 2024 outlooks, the analyst tells investors in a research note. The firm says the bottoming in shorter-cycle end markets remains an ongoing process with investors likely to focus on visibility to second half earnings and sales acceleration. Citi remains cautiously optimistic that favorable underlying trends for multis remain intact despite potential near-term headwinds in regions such as China and Europe.