Needham & Company Raises Price Target on Cognex Corp (CGNX) to $61 Following Solid 3Q
- Wall Street flat as telecom gains fail to counter oil drop
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Needham & Company reiterated a Buy rating on Cognex Corp (NASDAQ: CGNX), and raised the price target to $61.00 (from $55.00), following the company's 3Q earnings report. Revenues increased 38% to $148M, above the high end of guidance of $142-147M. The consensus revenue forecast was $145.8M. The beat was driven by strong shipments into the consumer electronics market. EPS increased to $0.54, solidly above guidance of $0.48.
Analyst James Ricchiuti commented, "CGNX after the close yesterday delivered a stronger-than-expected Q3 report, with revenues up 38% y/y, above the high end of guidance, while EPS came in 13% above Street expectations even after backing out a discrete tax benefit. Management, as expected, guided to sequentially down Q4 revenues, reflecting normal seasonal weakness in the consumer electronics market, though up 18-21% y/ y and solidly above consensus. CGNX also announced the acquisition of two small 3D machine vision companies, consistent with mgmt’s increased focus on the emerging 3D machine vision market. We came away from the Q3 report and recent investor day more optimistic about upside potential to numbers for next year. We maintain our Buy given the underlying growth potential that we see for the business and new growth initiatives CGNX is targeting."
Shares of Cognex closed at $51.60 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Wedbush Downgrades Select Comfort (SCSS) to Neutral
- Wedbush Raises Price Target on Regions Financial (RF) to $15; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!