Cognex initiated with a Neutral at Citi

Citi initiated coverage of Cognex with a Neutral rating and $52 price target. The analyst thinks Cognex could be well positioned to drive solid long-term earnings growth. However, softer near-term demand trends across most of the company’s end markets and its “still relatively elevated” valuation could keep shares relatively range-bound in the near-term, the analyst tells investors in a research note.