Rockwell Automation price target raised to $285 from $258 at Loop Capital

Loop Capital analyst Chris Dankert raised the firm’s price target on Rockwell Automation to $285 from $258 but keeps a Hold rating on the shares. Improving component availability and re-engineering/sourcing drove the company’s Q1 earnings beat, while the ongoing sequential gains in backlog and order growth supported the FY23 guidance raise, the analyst tells investors in a research note. The firm adds however that Rockwell’s volume growth in the quarter still seems underwhelming – up 3% relative to 7% increase in price in Q1 – given the "laundry list of secular tailwinds behind industrial automation".