Needham & Company Reiterates a 'Buy' on Cognex (CGNX); Strong Q3 EPS Surprise; Q4 Revenue Guidance Modestly Below Street
Tweet
Share
E-mailGet Alerts CGNX Hot Sheet
Price: $65.63 +6.56%
Rating Summary:
21 Buy, 13 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
21 Buy, 13 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Needham & Company reiterates a 'Buy' on Cognex (NASDAQ: CGNX) price target of $38.00.
Needham analyst says, "CGNX delivered a strong Q3 EPS surprise after the market close, beating consensus by 14% on in line revenues. Management guided to Q4 revenues that were modestly (3%) below consensus, but with op-ex under control and given gross margins trends, EPS are likely to be close to Street expectations. We are shaving our Q4 and 2012 estimates slightly to reflect macro concerns. We believe there is good support to the stock at current levels. CGNX has $30M left on an existing share buyback, and the company announced yesterday that its board authorized another $80M buyback. CGNX shares adjusting for net cash of $8, are trading at an attractive 14x our 2012 EPS estimate."
"We are shaving our Q4 revenue estimate to $81.6M from $84M and EPS
estimate to $0.39 from $0.41. We are trimming our 2012 EPS estimate to $1.70 from $1.75 on revenues of $347.9M, versus $351.7M previously."
For more ratings news on Cognex click here and for the rating history of Cognex click here.
Shares of Cognex closed at $32.91 yesterday.
Needham analyst says, "CGNX delivered a strong Q3 EPS surprise after the market close, beating consensus by 14% on in line revenues. Management guided to Q4 revenues that were modestly (3%) below consensus, but with op-ex under control and given gross margins trends, EPS are likely to be close to Street expectations. We are shaving our Q4 and 2012 estimates slightly to reflect macro concerns. We believe there is good support to the stock at current levels. CGNX has $30M left on an existing share buyback, and the company announced yesterday that its board authorized another $80M buyback. CGNX shares adjusting for net cash of $8, are trading at an attractive 14x our 2012 EPS estimate."
"We are shaving our Q4 revenue estimate to $81.6M from $84M and EPS
estimate to $0.39 from $0.41. We are trimming our 2012 EPS estimate to $1.70 from $1.75 on revenues of $347.9M, versus $351.7M previously."
For more ratings news on Cognex click here and for the rating history of Cognex click here.
Shares of Cognex closed at $32.91 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Coherent (COHR) PT Raised to $420 at Needham
- Cellebrite (CLBT) PT Lowered to $12.50 at Needham
- Cognex (CGNX) PT Raised to $65 at DA Davidson
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Needham & Company, Stock BuybackSign 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!
