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HSBC upgrades Cognex to Buy on demand turnaround
HSBC upgraded Cognex to Buy from Hold with a price target of $52, up from $40. After six quarters of revenue declines year-over-year, the company's Q1 recorded growth of 5%, the analyst tells investors in a research note. The firm sees more upside in the shares given the better than expected logistics and semiconductor outlook. Logistics demand is improving while Cognex's semi business is stronger from artificial intelligence-driven high bandwidth memory demand and Moritex, contends HSBC. It believes the demand turnaround and faster margin recovery will drive re-rating of Cognex shares.