Cognex price target lowered to $29 from $37 at Truist

Truist lowered the firm’s price target on Cognex (CGNX) to $29 from $37 and keeps a Hold rating on the shares as part of a broader research note previewing Q1 results in Machinery, Infrastructure Services, and Multi-Industry sector. With continued uncertainty looming around tariffs, the firm sees tempered demand as a short term risk, reflecting prior uncertainty around lack of news around tariffs and now a potential worse-than-expected outcome that is starting to show up in real time data as March ISM manufacturing PMI disappointed while new orders fell short of Street expectations again, the analyst tells investors in a research note. Truist adds that it sees risk that companies will imply demand deteriorated through the first quarter and potentially into April, creating concerns around recession and/or a short term pause in demand, also noting a greater risk to pruning full year guidance.