12 Best Automation Stocks To Buy According to Hedge Funds

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9. Rockwell Automation, Inc. (NYSE:ROK)

No. of Hedge Fund Holders: 38

Rockwell Automation, Inc. (NYSE:ROK) is a leading industrial-grade technology firm that is well-positioned in the automation segment. The company’s flagship products such as Allen Bradley and FactoryTalk provide production monitoring and easy application of ML concepts to solve product quality problems while maximizing process integrity. The company offers industrial automation and information solutions through two segments: Architecture & Software and Control Products & Solutions.

Rockwell Automation, Inc.’s products and services serve a wide range of industries including, food and beverage companies, energy and chemical producers, and auto manufacturers. The company is working in collaboration with companies such as NVIDIA to advance process automation and offer live services to industrial clients while addressing workforce shortages.

On January 16, Stephens & Co. analyst Tommy Moll raised the price target on ROK shares from $275 to $350, upgrading the rating from Equal-weight to Overweight. Moll believes that it is a good time to buy Rockwell Automation, Inc. (NYSE:ROK), considering the rising visibility of sales and earnings returning to growth by the second half and initiating a reinvigorated cost-management and operational excellence program. The analyst also pointed out that stocks like Rockwell “rarely come cheap,” but ROK seems to outperform the market during the early phase of earnings recoveries.

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