On October 8, Cognex fell 6.42% in regular trading, trading at $62.13 per share, with turnover of $81.04 million. The decline followed Truist lowering its price target on Cognex to $74 from $78 while maintaining a hold rating.
The revision comes despite the broader analyst consensus remaining overweight with an average price target of $79.37, according to FactSet data. Earlier in the year, HSBC had downgraded Cognex to hold from buy, adjusting its target to $65 from $94, while JPMorgan upgraded the stock to overweight in May. The company recently expanded into robotics perception through the announced acquisition of RealSense for approximately $500 million and introduced new wafer identification products, but the latest price target adjustment has weighed on shares.
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