Cowen downgrades Cognex Corp to 'market perform', cuts PT

Cognex

22/11/2022 13:34

** Cowen and Co downgrades machine vision components and
software maker Cognex Corp  CGNX.O  to 'market perform' from
'outperform', cuts PT to $50 from $55
    ** Brokerage says co's estimate for Q4 revenue of $245 mln
is too aggressive and does not reflect seasonal decline
    ** Cowen anticipates decline in logistics business in FY22
and FY23, led by co's largest customer Amazon Inc  AMZN.O 
    ** Brokerage notes co's expectation of low double-digit
growth in FY22 in the consumer electronics business, slightly
benefiting from higher unit production at Apple  AAPL.O 
    ** Stock down 1.5% at $47.50 in premarket trade
    ** Six of 18 brokerages rate the stock "buy" or higher, nine
"hold" and three "sell"; their median PT is $49 - Refinitiv
    ** Up to Monday's close, stock had fallen 37.8% vs 0.09%
rise in Dow Jones US Industrials index  .DJUSIN 
 (Reporting by Shristi  Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))