Needham & Company Reiterated Buy, Trims PT on Cognex (CGNX)
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Price: $66.06 -0.03%
Rating Summary:
22 Buy, 12 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 20 | New: 25
Rating Summary:
22 Buy, 12 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 20 | New: 25
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Needham & Company reiterated a Buy rating on Cognex (NASDAQ: CGNX) but cut its price target to $40.00 (from $42.00).
"PMI data out from major industrialized countries were mixed, with the U.S. and China showing slight monthly improvement while Europe continues to worsen. Against this backdrop, we are trimming our Q4 and 2013 estimates for CGNX," said analyst James Ricchiuti.
"We are modeling Q4 rev to be down 5% y/o/y and flat in the 1H13, and we now expect rev from Q3 to Q1’13 to be flat sequentially. Mgmt is likely to strike a cautious tone on the Q3 call, through we believe Q4 rev guidance will meet scaled-back expectations. With CGNX shares trading at less than 15x our ‘13 EPS estimate, backing out net cash of $9.00/share, we’re maintaining our Buy rating, particularly given what we believe is the high-teens long-term growth rate for the factory automation business and 20%-plus growth profile for the auto ID business," added Ricchiuti.
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 $35.09 yesterday.
"PMI data out from major industrialized countries were mixed, with the U.S. and China showing slight monthly improvement while Europe continues to worsen. Against this backdrop, we are trimming our Q4 and 2013 estimates for CGNX," said analyst James Ricchiuti.
"We are modeling Q4 rev to be down 5% y/o/y and flat in the 1H13, and we now expect rev from Q3 to Q1’13 to be flat sequentially. Mgmt is likely to strike a cautious tone on the Q3 call, through we believe Q4 rev guidance will meet scaled-back expectations. With CGNX shares trading at less than 15x our ‘13 EPS estimate, backing out net cash of $9.00/share, we’re maintaining our Buy rating, particularly given what we believe is the high-teens long-term growth rate for the factory automation business and 20%-plus growth profile for the auto ID business," added Ricchiuti.
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 $35.09 yesterday.
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