UPDATE: Bernstein Upgrades Cognex (CGNX) to Outperform
- Wall St slumps as investors fret on rate hikes and recession
- Think September Was Bad? Watch Out for 'Octoberphobia', Stock Trader's Almanac Warns
- Goldman Sachs Slashes Year-End Target on S&P 500 to 3,600
- Oil: The 'R'-Word Rules as U.S. Crude Below $80 for Worst Week in 7
- Bond Crash of 2022 is a 'Doozy' - BofA
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."
Shares of Cognex closed at $49.72 yesterday.
You May Also Be Interested In
- UPDATE: B.Riley Upgrades Warrior Met Coal (HCC) to Buy
- LVMH Moet Hennessy Louis Vuitton SE (MC:FP) (LVMUY) PT Raised to EUR780 at Goldman Sachs
- Hermes International (RMS:FP) (HESAY) PT Raised to EUR1,150 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesSanford C. Bernstein
Sign 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!