SPY420.86+5.94 1.43%
DIA338.78+5.82 1.75%
IXIC14,141.48+111.10 0.79%

Research Alert: CFRA Maintains Hold Opinion On Shares Of Cognex Corporation

05/10/2021 01:55

05:50 AM EDT, 05/10/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $100, 65.4x our '21 EPS estimate, a slight premium to its three-year historical average P/E at 60.1x, reflecting recent strong results despite challenging market conditions. We raise our '21 EPS estimate by $0.20 to $1.53 and increase '22's by $0.22 to $1.76. CGNX reported Q1 operating EPS of $0.36 vs $0.11, $0.01 above consensus. Q1 revenue increased 43%, led by growth in the Americas region, which was up more than 75%, driven by substantially higher revenue from logistics and medical-related industries, while revenue from Asia increased by more than 25%, due to growth from automotive and consumer electronics customers. We believe CGNX is handling supply chain disruptions, semiconductor component shortages, and elevated freight costs very well as its practice of holding a substantial component inventory is paying off. We do see the possibility of order delays from customers in the automotive and consumer electronics industries in response to these challenges.