These Analysts Cut Their Forecasts On Cognex Following Q2 Results

Cognex Corporation CGNX reported mixed second-quarter financial results, after the closing bell on Wednesday.

Cognex reported quarterly earnings of 23 cents per share which beat the analyst consensus estimate of 21 cents per share. The company reported quarterly sales of $239.00 million which missed the analyst consensus estimate of $240.39 million.

“Cognex delivered second quarter revenue and gross margin in line with expectations and operating expenses favorable to our guidance,” said Robert J. Willett, CEO. “Year-on-year revenue growth in the quarter was strong in our Logistics and Semiconductor end markets, however revenue across the rest of our factory automation business continues to be soft.”

Cognex shares fell 21.2% to close at $39.08 on Thursday.

These analysts made changes to their price targets on Cognex following earnings announcement.

• Needham analyst James Ricchiuti maintained Cognex with a Buy and lowered the price target from $57 to $50.
• Truist Securities analyst Jamie Cook maintained Cognex with a Buy and lowered the price target from $55 to $46.

Read More:

• Amazon, Apple And 3 Stocks To Watch Heading Into Friday