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Fly News Breaks for July 19, 2019
ROK
Jul 19, 2019 | 07:00 EDT
Ongoing macro uncertainty coupled with an analysis around cycle timing suggests it's "simply too early" to play a bottom in cyclicals, of which Rockwell Automation is the bellwether, JPMorgan analyst Stephen Tusa tells investors in a research note. While Rockwell's multiple "may be somewhat close to a bottom," significant estimate cuts, as well as some visibility around how a rebound in growth would play out, needs to be seen before the stock can outperform, contends the analyst. He lowered his price target for the shares to $154 from $159 and keeps a Neutral rating on Rockwell.
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