Shares in the Milwaukee-based company could rally about 18% in the coming year.
Despite being in a weird moment as a business, Morgan Stanley said Rockwell Automation is still a good way to play the automation trend. Analyst Joshua Pokrzywinski has an overweight rating on the industrial robotics and automation stock. His $335 price target — the highest on Wall Street, according to Refinitiv — implies 18% upside from where Rockwell closed Friday.
"For all the cyclical ambiguity reflected in macro caution and strong micro trends, the backdrop for automation spending and backlog cushion against a hard landing supports a bullish view on ROK," Pokrzywinski said in a note to clients Tuesday. But Pokrzywinski said Rockwell is in a unique moment, standing out from other multi-industry companies thanks to its larger backlog.
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