Cognex (CGNX) PT Lifted to $60 at Canaccord Genuity Amid Conviction on 2015 Growth

Canaccord Genuity analyst Bobby Burleson reiterated a Buy rating and raised his price target on Cognex (NASDAQ: CGNX) to $60.00 (from $55.00) following Automate booth tours, which increases their conviction in 2015 growth.

Burleson commented, "We came away from a day of booth tours at Automate/Promat with increased conviction regarding our street high 2015 estimates. Conversations at the show point to strong follow-on orders in consumer electronics in China, as well as large orders in logistics this year. And, while CGNX's top line is not immune to near-term euro/USD headwinds, we believe strong FA and ID products demand can drive upside to consensus 2015 estimates and move the stock meaningfully higher given double digit growth on top of last year's high base. We are increasing our price target to $60."

For an analyst ratings summary and ratings history on Cognex click here. For more ratings news on Cognex click here.

Shares of Cognex closed at $49.18 yesterday.

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