Rockwell Automation | North America No Signs of Organic Slowdown

研报英文原文证据摘录

Rockwell Automation | North America No Signs of Organic Slowdown

Update

August 4, 2026 12:13 PM GMT

Morgan Stanley & Co. LLCMRockwell Automation | North America Christopher Snyder, CFA

Equity Analyst

No Signs of Organic Slowdown Chris.Snyder@morganstanley.comToby Okwara +1 212 761-4470

Toby.Okwara@morganstanley.com +1 212 761-1693

AlphaSignals Earnings Reaction Brandon Knutson

Unchanged Modest upside Largely unchanged Brandon.Knutson@morganstanley.com +1 212 761-4168

Impact to our thesis Financial results versus consensus Direction of next 12-month Christine Yao

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research Christine.Yao@morganstanley.com +1 212 761-4193

Exhibit 1: ROK Organic Growth vs US Multi-Industry Median: While ROK has Rockwell Automation (ROK.N, ROK US)

outgrown our broader coverage by ~700 bps over the LTM, Consensus calls for Multi-Industry | United States of America

the outgrowth to completely unwind over the next 6mo. This goes against cont'd Stock Rating Overweight

Industry View Attractive

ISM strength and our US Reshoring work which suggests ROK should lead the Price target $525.00

upcycle as customer relocate production + invest in efficiency Shr price, close (Aug 3, 2026) $480.98

Mkt cap, curr (mm) $54,158

52-Week Range $497.24-306.50

Source: Morgan Stanley Research, Company Reports, Visible Alpha

ROK posted FQ3 EPS of $3.49, topping MSe $3.42 and Cons $3.39 on firmer organic

growth. While +10% organic growth delivered on our positive preview and easily

outpaced Cons +6%, margins only met sell-side expectations and fell short-of

buyside bogeys. In this respect, we would consider the FQ3 result modestly softer

than our Bullish preview (link) but we expect trading will be heavily influence by