NEW YORK (TheStreet) -- Shares of Rockwell Automation (ROK) - Get Report were cllimbing 5.06% to $123.05 on heavy trading volume late Friday afternoon as Bernstein raised its stock rating to "market perform" from "underperform."
The firm said downside catalysts have "come and gone," such as Emerson Electric ruling out a Rockwell deal, according to Barron's. Bernstein added that it's bullish on the stock long-term.
"We have frequently expressed our bullish sentiment for investors who can ride out periods of uncertainty like the current one given our view that technology will drive long term secular growth at Rockwell," the firm said in an analyst note cited by Barron's.
The Milwaukee-based company's earnings were recently hurt by a mix of market cycle swings, Bernstein noted. However, the firm said capex headwinds are easing and auto will "hold up."
Bernstein added that Rockwell could still merge with a company at some point.
The company is a provider of industrial automation power, control and information solutions for manufacturers.
More than 1.41 million of the company's shares have changed hands so far today vs. its average volume of 651,330 shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Rockwell Automation as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its notable return on equity, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. The team feels its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: ROK