Nomura Securities Starts Rockwell Automation (ROK) at Neutral

Nomura Securities initiates coverage on Rockwell Automation (NYSE: ROK) with a Neutral rating and a price target of $125.00.

Analyst Jonathan Wright commented, "ROK is a pure-play provider of automation solutions. We think the group is one of the key beneficiaries from the Internet of Things, which combined with increased adoption of automation products in emerging markets should support above GDP growth through the cycle. Near-term earnings dynamics are less favorable given peaking margins and slow global growth; however, assuming a continuation of this environment (and not an industrial recession), we think downside is limited, with high-returning, cash-rich ROK trading below a sector P/E multiple."

For an analyst ratings summary and ratings history on Rockwell Automation click here. For more ratings news on Rockwell Automation click here.

Shares of Rockwell Automation closed at $107.58 yesterday.

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