Piper Jaffray is out with a research report on Cognex Corp. CGNX and is downgrading shares to Neutral from Overweight on valuation. It has a $36.50 price target on shares.
In a note to clients, Piper Jaffray writes, "We are downgrading Cognex to Neutral based on valuation. CGNX is trading
within 2% of our price target and we see no near-term catalyst to move the shares higher. In addition, we believe the bias in our estimates is skewed toward weakness rather than strength. Roughly 13% of CGNX revenue last quarter came from semiconductor capital equipment which is currently weak. In addition, on the last conference call, the company noted that closing large deals in North America is becoming more challenging. Finally, we think the macro uncertainty has likely created a pause in the demand for machine vision. Offsetting this is the company's
strong new product momentum, but we think the likely weakness outweighs strengths."
Shares of CGNX gained 40 cents yesterday to close at $35.75.
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