Rockwell Automation, Inc. (ROK) is a leading industrial
automation company, providing power, control, and
information solutions to improve manufacturing capacity.
The company reported first quarter EPS of $1.04, up
36.8% from the prior-year quarter, amid strong productivity
performance and higher sales volume. Acquisitions are
now providing more top-line boost, but at the cost of
mitigating operating leverage. Management is confident
that recent growth investments and international
diversification will deliver FY2008 revenue up 10-12%
(including acquisition/FX of +4%), with international sales
expected to deliver mid-teens organic growth and North
America accelerating modestly to mid-single-digits. We
reiterate our Buy rating on shares of ROK with a target
price of $65.00 per share.
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