The Fly

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".

Published first on TheFly

See today’s best-performing stocks on TipRanks >>

Read More on ROK:

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More