Rockwell Automation falls after analyst downgrades
Shares of Rockwell Automation Inc., which makes industrial automation equipment, fell Thursday after a JPMorgan analyst downgraded stock to "Neutral," saying he doesn't think the stock will be able to outperform in the next six to nine months due to an "increasingly volatile macro environment."
Rockwell shares fell $3.63, or 6.4 percent, to $53.07.
In a note to clients, JPMorgan analyst C. Stephen Tusa Jr. reduced the stock from "Overweight" and lowered his price target by $3 to $65.
The analyst said the stock has "dramatically outperformed," more than tripling in value since March of last year.
While Tusa still likes the stock, "we are just not 'in love' with it anymore," he said.
He expects a slowdown in sales to China, and said that this, combined with a tougher environment in Europe, could hamper Rockwell's sales.
