Rockwell on the prowl? Message Board

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Technology Stocks : Rockwell on the prowl?

ROK 398.12

-0.2%

9:30 AM EST

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From: JakeStraw	3/20/2019 9:07:13 AM
	of 152

UBS downgrading Rockwell Automation to ‘neutral’ from ‘buy’ UBS downgraded Rockwell due to changes in industrial production, end market growth, and valuation. “We are downgrading ROK to Neutral with a $190 PT (~1:1 upside/downside)... Our modest ~1% reduction of ’19 & ‘20 EPS estimates reflects decelerating Industrial Production activity (down 220bps over the past 6 months in the U.S.) flowing through to organic growth and earnings... Even with U.S./global indicators slowing, we do not expect a recession in the next 12-24 months, and we believe ROK will outgrow underlying IP growth as it has for most of the past 15 years. In our view, its ~19x multiple, ~15% above the S&P 500 (in line w/ its 15-year LT historical average, ex-’09 & ’10), appropriately reflects cycle risks and ROK’s ongoing competitive advantages... ” cnbc.com

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