Cognex Corp (CGNX) Quarter Is Rescued By Logistics, PT To $58 At Needham

Needham & Company analyst, James Ricchiuti, reiterated his Buy rating on shares of Cognex (NASDAQ: CGNX) and raised his price target to $58 from $50 after the company reported better-than-expected Q4 results, driven by a near-doubling in its logistics business. Revenues from the
consumer electronics market were weak and conditions in China and the domestic auto market deteriorated leading to a Q1 guidance slightly below expectations.

Despite the concerns about legacy end markets, the analyst remains positive on the story stating "CGNX’s logistics business, meanwhile, appears to be every bit the growth driver we and others have assumed. Much the same way that CGNX is aligned with the preeminent players in consumer electronics, we believe the company is forging close technology ties with leaders in e-commerce. Bottom line: even with increased macro headwinds, we believe there are multiple growth drivers
that underpin the CGNX investment story over the next 2 yrs".

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 $48.87 yesterday.

You May Also Be Interested In

• Cognex (CGNX) PT Raised to $65 at DA Davidson
• Indigo Paints (INDIGOPN:IN) PT Raised to INR1,300 at ICICI Securities
• Apollo Hospitals (APLH:IN) PT Raised to INR8,500 at ICICI Securities