“We don’t think the excess gets washed out in the near term,” J.P. Morgan’s C. Stephen Tusa, Jr and Rajat Gupta said in a research note. “We are cutting numbers across the board, downgrading Dover (NYSE: DOV) to Underweight, reaffirming our Underweight on Rockwell Automation (NYSE: ROK), and continue to avoid Emerson Electric (NYSE: EMR), General Electric and SPX Corp. (SPW) as others with exposure.”

Looking at XLI, the ETF also includes DOV 0.7%, ROK 1.0% and EMR 2.3%.

Industrial Select Sector SPDR

For more information on the industrials sector, visit our industrials category.

Max Chen contributed to this article.