Cognex (CGNX) PT Raised to $80 at Canaccord Genuity Following 1Q
Canaccord Genuity raised its price target on Cognex (NASDAQ: CGNX) to $80.00 (from $65.00) while maintaining a Hold rating. CGNX reported 1Q earnings results of $134.9M in revenues and $0.51 in EPS. Results exceeded the consensus estimates of $124.7M and $0.28. Revenues were ahead of the company's guided range of $122M to $125M.
Management provided Q2/17 revenue expectations of $165M to $170M. Revenue guidance at the midpoint compares to the consensus of $172M.