Movement Alert|Cognex Rises 5.1% in Regular Trading, Earnings Beat and JPMorgan Upgrade Continue to Boost Shares

Market Focus07-01

On July 1, Cognex rose 5.1% in regular trading, trading at $71.91/share, with turnover of $117 million, extending prior strength in overnight sessions.

On the news front, JPMorgan upgraded Cognex from neutral to overweight and raised its price target from $65 to $75. Meanwhile, the company reported Q1 adjusted earnings of $0.34 per diluted share, significantly beating the consensus estimate of $0.25, while revenue came in at $268.4 million versus the expected $246 million. Q2 guidance was equally robust, with expected EPS of $0.40 to $0.44 compared to the Street estimate of $0.31, and revenue of $280 million to $300 million versus the consensus of $268.5 million. The combination of strong earnings upside and a bullish investment bank call continues to provide upward momentum for the stock.

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