Wells Fargo analyst Joseph O’Dea upgraded Rockwell Automation to Overweight from Equal Weight with a price target of $357, up from $280. The firm says the core to its upgrade is that a combination of improving orders and a strengthening PMI will drive outperformance in Rockwell Automation’s shares vs. EEMI on relative valuation expansion. Wells’ cycle view is that 2024 sets up as a mid-cycle year for EEMI stock performance. Historically, shares have performed well relative to its group in midcycle settings. This also follows two consecutive years of relative underperformance for Rockwell’s shares vs. its group.
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