UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Rockwell Automation on Expansion Backdrop

In a report published Thursday, Deutsche Bank analyst John G. Inch reiterated a Buy rating on Rockwell Automation (NYSE: ROK), and raised the price target from $98.00 to $130.00.In the report, Deutsche Bank noted, “We are increasing our 12-month price target for ROK to $130, up from our previous $98. Over the past decade, ROK's historical forward P/E valuation has averaged ~17x. Our price target is based on slightly higher P/E off of expected accelerating earnings in F15 (the forward multiple in a year). During periods of fundamental expansion, the market has historically bid up ROK's P/E north of 20x – providing cushion to our target, in our opinion. Buy.”Rockwell Automation closed on Wednesday at $103.74.