Cognex (CGNX) Receives Positive Coverage Following Q4 Beat, Conservative Guidance

Yesterday Cognex Corp (NASDAQ: CGNX) reported Q4 EPS that topped estimates on higher than expected revenue. The company also reported revenue guidance that was in-line, which analysts at Needham think was conservative.

"CGNX looks well positioned entering 2013, with several new products, although the sluggish economic environment is likely to restrain top-line growth again in the early part of the year," said analyst James Ricchiuti.

He thinks the company will grow as the global economy gains momentum.

Needham & Company reiterated a Buy rating on Cognex and raised its price target to $47.00 (from $40.00).

For an analyst ratings summary and ratings history on Cognex (NASDAQ: CGNX) click here. For more ratings news on Cognex click here.

Shares of Cognex closed at $41.52 yesterday.

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