Rockwell Automation price target lowered to $270 from $300 at BofA

BofA analyst Andrew Obin lowered the firm’s price target on Rockwell Automation to $270 from $300 and keeps a Neutral rating on the shares. Fiscal Q3 revenue and adjusted EPS beat Street expectations, but a slower orders recovery is a drag on FY24 guidance, the analyst tells investors. While the FY24 guidance cut was “significant,” the outlook for only “gradual” orders improvement in FY25 is “likely to prove conservative,” the analyst added.