YASKY - Rockwell Automation Knocked Back A Bit On Less Robust Outperformance

• Rockwell had a better than expected fiscal fourth quarter, but results were less impressive relative to expectations than for many other multi-industrials.
• Key markets like autos, food/beverage, and life sciences should all contribute meaningfully to Rockwell's FY'21 growth recovery.
• The reshoring story may be getting a little old, and Rockwell isn't as leveraged to other drivers like a COVID-19 vaccine or green retrofits.
• Rockwell remains a top-quality industrial, but is priced accordingly, and the shares do not look like a relative bargain.

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