Needham Thinks Cognex Corp’s Stock is Going to Recover


In a report released yesterday, James Ricchiuti from Needham maintained a Buy rating on Cognex Corp (CGNX), with a price target of $47. The company’s shares closed yesterday at $39.77, close to its 52-week low of $36.16.

According to TipRanks.com, Ricchiuti is a 5-star analyst with an average return of 11.5% and a 56.3% success rate. Ricchiuti covers the Consumer Goods sector, focusing on stocks such as IPG Photonics Corporation, Electronics for Imaging, and Electro Scientific.

Cognex Corp has an analyst consensus of Moderate Buy, with a price target consensus of $49.43.

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Based on Cognex Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $80.44 million. In comparison, last year the company had a net profit of $102 million.

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Cognex Corp. engages in the provision of vision systems, vision software, vision sensors, and surface inspection systems used in manufacturing automation. It also offers industrial identification readers. It operates through the following geographical segments: United States, Europe, Greater China, and Other.

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