Jefferies downgraded Rockwell Automation (ROK) to Hold from Buy with a price target of $380, down from $490, after assuming coverage of the name. The firm believes investor concern around AI disintermediation may limit a re-rating for Rockwell from current share levels. The company is viewed as a top reshoring and onshoring play with a strong software moat, but this is reflected in the multiple, the analyst tells investors in a research note.
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