Rockwell Automation price target raised to $510 from $470 at KeyBanc

KeyBanc raised the firm’s price target on Rockwell Automation (ROK) to $510 from $470 and keeps an Overweight rating on the shares. Following the company’s Q2 beat and raise, the firm is also raising its estimates. KeyBanc was encouraged by Q2’s improving demand momentum across multiple verticals, and thinks accelerating longer-cycle capex budgets and incremental pricing actions could support upside to its and consensus estimates. Lastly, the firm believes Rockwell continues to execute well against its operational excellence initiatives, and thinks the company has solid line of sight to drive further potential operating margin expansion.