When your biggest complaint about a stock is the valuation, that's a pretty clear signal you're looking at a good candidate for the watch list and future buy-the-dip-opportunities. I have long respected Rockwell Automation's (NYSE:ROK) position in the automation space and its strong presence in controls (especially PLCs). What I haven't liked as much has been the valuation, but the apparent realization among the sell-side and institutional investors that Rockwell is still a cyclical company appears to have created a window of opportunity.
The problem with buying the shares of a good company like Rockwell during a downturn is that you never really know how bad the decline will be. I believe the long-term drivers for automation
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