Rockwell Automation price target raised to $300 from $277 at Loop Capital

Loop Capital analyst Chris Dankert raised the firm’s price target on Rockwell Automation to $300 from $277 following the stock’s recent rally but keeps a Hold rating on the shares. The firm is citing U.S. Manufacturing Technology Orders, USMTO, data that shows comps beginning to ease and lead times normalizing, the analyst tells investors in a research note. Given the near-term destocking risk, unfavorable USMTO data, and a slow start to 2024, Loop sees incremental near-term risk, adding that with sentiment no longer nearly as negative, this raises the bar on what constitutes a beat, the firm added.