Rockwell Automation Analysts Reduce Their Forecasts After Downbeat Earnings
Portfolio Pulse from Avi Kapoor
Rockwell Automation, Inc. (NYSE:ROK) reported Q1 results below expectations with sales of $2.05 billion and adjusted EPS of $2.04, missing consensus estimates. Despite a decline in Intelligent Devices sales, Software & Control, and Lifecycle Services saw growth. The company reaffirmed its full-year adjusted EPS and sales growth guidance. Shares fell 17.6% following the announcement. Analysts from Daiwa Capital and Wells Fargo adjusted their price targets post-earnings.
February 01, 2024 | 1:52 pm
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Rockwell Automation reported lower-than-expected Q1 earnings, leading to a 17.6% drop in its stock price. Analysts from Daiwa Capital and Wells Fargo revised their price targets downwards.
The significant drop in Rockwell Automation's stock price following the earnings miss indicates a negative short-term impact. Analysts revising their price targets downwards further supports the expectation of continued pressure on the stock. The company's reaffirmation of its full-year guidance may provide some stability, but the immediate reaction has been decidedly negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100