Driven by strong long-term trends in automation, a reshoring story, and ongoing investments in its own software capabilities, Rockwell Automation (ROK) remains a relative darling in the U.S. industrial space. This year (2021) should be a recovery year for the company, with recoveries in important markets like autos and healthy ongoing trends in other large markets like food/beverage, semiconductor, and life sciences.
I've thought for some time that Rockwell shares are pricey, and the shares have modestly underperformed the broader industrial sector over the last three and six months, but the longer term outperformance has remained robust. I don't deny the validity or strength of the drivers behind a bullish call on Rockwell, but I just can't get comfortable with paying this much of a premium, and this remains I name I'd considering adding on a more significant dip.
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Rockwell Stumbles A Bit Operationally, But The Street Doesn't Mind
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