Rockwell Automation initiated with a Neutral at Redburn Atlantic

Redburn Atlantic analyst Richard Radbourne initiated coverage of Rockwell Automation with a Neutral rating and $256 price target. The long-term outlook for automation-related investment is positive and Rockwell is well positioned to capitalize, especially in the U.S. market, but there are some risk to expectations during the second half of 2024, the analyst tells investors in a research note. The firm forecasts “attractive growth” during fiscal 2025 through 2027 for the company, but says this is mostly captured in consensus expectations and not sufficient to materially expand the stock’s current valuation premium of 20% to peers.