Wolfe Research analyst Nigel Coe upgraded Rockwell Automation to Peer Perform from Underperform without a price target. While Rockwell shares are “certainly not cheap,” the company’s relative valuation is balanced versus. history, the analyst tells investors in a research note. The firm has also become more confident that earnings estimates “can continue to ratchet higher,” with downside risks mitigated by Rockwell’s “backlog protection.”
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