Demand broadening could sustain recovery

研报英文原文证据摘录

Demand broadening could sustain recovery

Industrials | Electrical Equipment & Multi-Industry

June 17, 2026

Rockwell Automation, Inc. Alexander Virgo Gustavo Gonzalez 44 20 7847 3520 212-653-8998

ROK | $463.57 Alexander.Virgo@evercoreisi.com Gustavo.Gonzalez@evercoreisi.com

In Line | Target Price/Base Case: $480.00 Kriti Vardineni

Company Update 212-801-3882

Kriti.Vardineni@evercoreisi.com

Demand broadening could sustain

Company Statistics

recovery Dividend Yield 1.8%

Expected Total Return 2.9% Messaging from intra-quarter conference appearances has reflected

Market Capitalization (M) $51,583 confidence in underlying demand trends and a broadening out of end

52-Week Range $305.44 - $473.91 market improvement, albeit still relatively limited sign of capital projects

Fiscal Year End Sep to really give confidence in the cycle having “legs”. We have reflected

on comparatives, industry data points (Japan Machine Tool data) and

reiterated commentary to leave annual estimates largely unchanged

Earnings Summary but shift the quarters a little within FY26. Mgmt have reiterated the

2025 2026E 2027E h/winds in H2 from memory costs, while remaining sharp-eyed on any

Sales (M) Q1 $1,881 $2,105A .. indication of customer pre-buy. We leave our PT unchanged at $480

Q2 $2,001 $2,239A .. and reiterate I/L.

Q3 $2,144 $2,266 ..

Q4 $2,316 $2,386 .. Broadening demand is encouraging… recent messaging suggests

FY $8,342 $8,995 $9,447 demand is broadening beyond warehousing/semis (and nascent D/C

EBITDA (M) Q1 $329 $454A .. exposure – c2% of sales), which is a positive sign that growth can be

Q2 $426 $558A .. sustained. We forecast both ID and S&C maintaining solid growth

Q3 $464 $556 .. despite tough comparatives, though the dissolution of the Sensia JV is

Q4 $318 $586 ..