Rockwell Automation upgraded to Overweight at Stephens on earnings recovery

As previously reported, Stephens upgraded Rockwell Automation (ROK) to Overweight from Equal Weight with a price target of $350, up from $275. The firm believes now is the time to add Rockwell to portfolios, ahead of two catalysts, namely increasing visibility to sales and earnings returning to growth by the second half and progress toward a reinvigorated cost-management and operational excellence program, the analyst tells investors. Wish list names like Rockwell “rarely come cheap,” but the stock tends to outperform the market during the early phase of earnings recoveries, the analyst added.