Rockwell Automation price target lowered to $363 from $371 at Oppenheimer

Oppenheimer lowered the firm’s price target on Rockwell Automation (ROK) to $363 from $371 and keeps an Outperform rating on the shares. The firm notes shares traded down Wednesday after Rockwell beat Q3 top/bottom line consensus and guided Q4 in line with the Street. While acknowledging sector sympathy, high pre-print expectations and tax outlook played a role in shares’ reaction, Oppenheimer believes the pullback was overdone, given commentary on potential tariffs-related pull-forward appears to be management conservatism, and announced $2B five-year investment, primarily capex, will have clear ROI guardrails and should drive further structural margin improvement above management’s 23.5% target.