UPDATE: JP Morgan Upgrades Rockwell Automation to Overweight on Macro Reacceleration
JP Morgan raised its rating on Rockwell Automation (NYSE: ROK) from Neutral to Overweight and increased its price target from $75 to $91.
JP Morgan commented, "We are upgrading ROK to OW on our view of a "catch-up/pent up demand" related acceleration by the middle of next year, driving FY14 EPS growth to among best in class and which, following an expected final cut to Street estimates, may drive a short upward revision cycle. We acknowledge the Street remains Bullish, but after putting up the worst stock performance in the group YTD, we are not sure that matters anymore. The stock is now at parity on our recently reduced number, even cheaper on FCF/pension-adjusted earnings, attractive enough to buy the re-acceleration."
Rockwell Automation closed at $74.87 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.