Rockwell Automation (ROK) PT Raised to $166 at Barclays Following 1Q

Barclays raised its price target on Rockwell Automation (NYSE: ROK) to $166.00 (from $144.00) while maintaining an Overweight rating following the company's 1Q earnings report.

Analyst Scott Davis commented, "We are updating our model following ROK's F1Q17 earnings release. Our 2017E core growth goes to 3% from 1% driven by better than expected book/bill and actual results in the quarter. We had previously expected the year to be more back-end loaded. Our 2017E EPS goes to $6.25 from $6.10. Our 2018E EPS goes to $6.90 from $6.85, as we remain somewhat conservative in light of low visibility on timing /magnitude of the recovery. Bias to numbers is likely upward, however. Our PT goes to $166 (24x our 2018E EPS of $6.90) from $144 (21x our prior 2018E EPS of $6.85)."

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