UPDATE: Canaccord Genuity Downgrades Cognex (CGNX) to Hold

Canaccord Genuity downgraded Cognex (NASDAQ: CGNX) from Buy to Hold with a price target of $45 (unchanged). The shift follows a strong year-to-date run.

"While we continue to expect CGNX to benefit from growing deployment of machine vision in factory automation and logistics, we do not see catalysts for substantial upside to our estimates for the remainder of 2016. With valuation near historical peaks, the stock is likely to be range bound the balance of the year. Signs of meaningful traction in mobile terminals (new product released last quarter), combined with a more diversified base of large orders, especially for consumer electronics, could make us more constructive on 2017 estimates and prompt us to revisit our rating," said analyst Bobby Burleson.

For an analyst ratings summary and ratings history on Cognex click here. For more ratings news on Cognex click here.

Shares of Cognex closed at $43.54 yesterday.

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