Rockwell Automation price target raised to $360 from $330 at BofA

BofA raised the firm’s price target on Rockwell Automation (ROK) to $360 from $330 and keeps a Neutral rating on the shares. The firm’s summit with distributors provided no big surprises, with the firm telling investors in a research note that short-cycle data points are not “great,” but not worse, and in some areas sound solid. BofA argues that a premium is warranted given the company’s market share and exposure to secular themes, partially offset by destocking headwinds and a lack of near-term catalysts.