UPDATE: Bernstein Upgrades Cognex (CGNX) to Outperform

August 3, 2022 5:57 AM EDT
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Price: $42.54 +0.54%

Rating Summary:
    11 Buy, 11 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 6 | Down: 13 | New: 58
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(Updated - August 3, 2022 5:58 AM EDT)

Bernstein analyst Jay Huang upgraded Cognex (NASDAQ: CGNX) from Market Perform to Outperform with a price target of $65.00.

The analyst comments "Cognex's key-account-driven growth in logistics has led to unrealistic expectations and will hit a reset in the near future. This reset has now officially taken place: Amazon's moderating warehouse capex is now well known (Exhibit 6, Exhibit 7); Cognex finally admitted that 3Q logistic revenue will fall off a cliff and long-term growth is lowered. Street forecasts of 2022/23 EPS have gone down meaningfully (Exhibit 5), clearing the obstacle for us to become constructive on the stock."

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 $49.72 yesterday.

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