UBS upgraded Rockwell Automation to Buy from Neutral with a price target of $360, up from $305. The stock has de-rated to a five-year low into the early innings of U.S. reshoring momentum, a multi-decade opportunity that should accelerate Rockwell’s long-term growth algorithm, the analyst tells investors in a research note. The firm sees a “three-turn re-rating opportunity” on next twelve month order recovery, saying lead times have stabilized and U.S. mega project ordering draws near. UBS sees scope for orders to flip from down 30% to up 30% during the course of fiscal 2024.
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