UPDATE: Canaccord Genuity Upgrades Cognex (CGNX) to Buy; Sees Resumption of Large Orders

(Updated - November 18, 2015 8:08 AM EST)

Canaccord Genuity upgraded Cognex (NASDAQ: CGNX) from Hold to Buy with a price target of $42.00 (from $33.00) ahead of resumption of large orders.

Analyst Bobby Burleson commented, "We are upgrading shares of CGNX to BUY from Hold ahead of what we expect to be a resumption of large orders in 2016. While another negative estimate revision could come for Q1 (we are modeling negative seasonality based on China in contrast with consensus for Q/Q growth), we believe large orders should lead to subsequent positive revisions in Q2 as logistics and consumer electronics projects resume following delays in 2015. Valuation looks attractive on historical basis, indicating a solid point of entry at current price levels. Our estimates are unchanged and our price target is increased to $42 based on multiple expansion we see as likely in anticipation of bottoming fundamentals."

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 $35.13 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• TechnipFMC (FTI) PT Raised to $30 at BTIG
• LG Innotek Co Ltd. (011070:KS) PT Raised to KRW250,000 at HSBC
• META to capture largest share of users, SNAP to benefit from ad budget shifts - Cnaccord Genuity weighs in on TikTok ban