Needham & Company Reiterates a 'Buy' on Cognex (CGNX); Impressive Q4 Results; Rev Guidance Below

Needham & Company reiterates a 'Buy' on Cognex (NASDAQ: CGNX) price target raised from $38 to $48.

Analyst, James Ricciuti, said, "CGNX turned in a solid Q4 report, capping an impressive year for its factory automation business. Revenues exceeded prior guidance, driven by record factory automaton revenues. EPS beat expectations, aided by a lower effective tax rate. Management, while upbeat about the prospects for continued strong growth in the factory automation business in 2012, guided modestly below Street expectations for the March quarter. And with CGNX shares trading near their 52-week highs, we would not be surprised to see some profit-taking in the shares today. While we have trimmed our Q1 estimate to be in line with guidance, we have maintained our full-year EPS estimate."

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 $43.13 yesterday.

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