Needham & Company Reaffirms a 'Buy' on Cognex (CGNX); Adjusting Estimates; Factory Automation Drivers Intact
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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
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Needham & Company reaffirms a 'Buy' on Cognex (NASDAQ: CGNX) price target of $48.00.
Analyst, James Ricciuti, said, "CGNX overcame challenging year-ago comparisons in both the semi and solar markets and reported better than expected Q1 results on the strength of another strong performance from its factory automation and surface inspection businesses. Revenues came in at the high end of guidance, while EPS exceeded Street expectations by ~10%. Q2 revenue guidance was slightly below expectations, although we expect growth to improve in the 2H. CGNX shares, which are off about 10% from their 52-week highs, remain attractive, in our view, given the growth profile of the factory automation business, including ID products (which grew 29% y/o/y in Q1)."
Lowers Q1 EPS estimate from $0.45 to $0.40, revs from $88M to $85M. FY12 lowered from $1.70 to $1.63.
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 $40.25 yesterday.
Analyst, James Ricciuti, said, "CGNX overcame challenging year-ago comparisons in both the semi and solar markets and reported better than expected Q1 results on the strength of another strong performance from its factory automation and surface inspection businesses. Revenues came in at the high end of guidance, while EPS exceeded Street expectations by ~10%. Q2 revenue guidance was slightly below expectations, although we expect growth to improve in the 2H. CGNX shares, which are off about 10% from their 52-week highs, remain attractive, in our view, given the growth profile of the factory automation business, including ID products (which grew 29% y/o/y in Q1)."
Lowers Q1 EPS estimate from $0.45 to $0.40, revs from $88M to $85M. FY12 lowered from $1.70 to $1.63.
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 $40.25 yesterday.
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