Cognex price target lowered to $46 from $55 at Needham

Needham lowered the firm’s price target on Cognex to $46 from $55 but keeps a Buy rating on the shares. The company’s Q4 revenue guidance was below estimates, but shares rose as investors appear to be taking note of the expanding market opportunity that Moritex offers Cognex, along with a new low-cost SnAPP vision sensor that will be a focus of the company’s new emerging-customer sales force, the analyst tells investors in a research note.