UPDATE: Morgan Stanley Downgrades Rockwell Automation to Underweight on Lack of EPS Upside in 2013
Morgan Stanley downgraded Rockwell Automation, Inc. (NYSE: ROK) from Neutral to Underweight and raised the price target from $81.00 to $84.00.
Morgan Stanley commented, "We see little opportunity for upward EPS revisions in near term given weak CapEx outlook nor multiple expansion (latter stage of cycle typically sees ROK at discount) and so expect the stock to underperform the peer group. Downgrade to UW given 3% downside to our upwardly revised $84 PT."
Rockwell Automation closed at $86.93 on Monday.
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