Wells Fargo analyst Deepa Raghavan downgraded Rockwell Automation to Market Perform from Outperform with a price target of $165, down from $185. The analyst says her U.S. distributor and industry channel checks indicated "rapidly deteriorating" demand conditions in the quarter. Her downgrade of Rockwell Automation is based on a "meaningful acceleration" in project pushout activity and deterioration in capex sentiment. Further, Raghavan says she's come to realize that an eventual resolution of tariffs/trade "does not necessitate that things come rushing back to normalcy." She now thinks Rockwell's forward earnings "have material downside bias."