Movement Alert|Cognex Overnight Rise 8.64%, Earnings Beat Combined With JPMorgan Upgrade Boosts Shares

Market Focus06-29

On June 29, Cognex rose 8.64% overnight, trading at $72.31 per share, with turnover of $1,230.

On the news front, JPMorgan upgraded Cognex from neutral to overweight and raised its price target from $65 to $75, while the company's Q1 results significantly exceeded expectations. Cognex reported Q1 adjusted EPS of $0.34, well above the consensus estimate of $0.25, while revenue of $268.4 million topped the expected $246 million. Q2 guidance was equally strong, with projected EPS of $0.40 to $0.44 versus analyst expectations of $0.31, and revenue of $280 million to $300 million versus $268.5 million expected. Revenue grew 24% year-over-year from $216 million, reflecting broad-based demand recovery across the company's machine vision product lines serving automotive, logistics, consumer electronics, and semiconductor end markets.

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