Cognex initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Troy Jensen initiated coverage of Cognex (CGNX) with an Overweight rating and $49 price target Cognex is a global provider of machine vision products and solutions for a wide range of applications across industrial end markets, the analyst tells investors in a research note. The firm says its Overweight rating is based on an improving demand environment in the company’s key end markets, revenue ramping from its emerging customers sales team initiatives, and contribution from its 2023 acquisition of Moritex. Longer term, Cognex has an “extensive runway of opportunities” with the growth of automation and robotics in its key verticals, contends Cantor.