New York, September 26 (FinanceEnquiry.com) – Analysts at Piper Jaffray downgrade their rating on the shares of Cognex Corporation (NASDAQ: CGNX) from NEUTRAL to UNDERWEIGHT. The 12-month target price has been reduced from $30 to $27.
In a research note published on September 25, the analysts mention that due to the three months of consecutive fall in the US and China PMI indices, ever more cautious stance is carried for revenue and earnings trajectory of Cognex Corporation. Furthermore, the impact of the overall slowing in common manufacturing in China and the prevailing doubt in both the EU and the US seem not reflected completely by the stock of Cognex Corporation.
In addition to this, post the CAPEX cuts underway at present, semi revenues (approximately 10 percent of sales) probably stay flat y/y for 2013 at roughly $31 million. Also, all geographies remain soft and due to this, growth of Factory Automation seems moderating ahead in 2H12 and next year.
Total revenue growth of 10 percent y/y (previously 15 percent) for 2013 is observed with inspection of Web and Surface staying uneven, the analysts add further.
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