- Morgan Stanley analyst Joshua Pokrzywinski downgraded Cognex (NASDAQ:CGNX) to Underweight from Equal Weight with a price target of $40, down from $41.
- He believes results for Cognex's logistics business could be "much worse" than is implied in consensus, Pokrzywinski tells investors.
- Consensus forecasts for revenue growth currently estimate a logistics market that is roughly flat in 2023, but he believes the market could be "materially worse than that" and he sees a more muted recovery in 2024, Pokrzywinski stated.
- Cognex Quant and Wall St. Analysts rating both stand with a Hold (4 Very Bullish, 2 Bullish, 3 Bearish).
- Since the start of 2022, Cognex shares were up around 6%, whereas over a period of one year, shares were down around 27%.
- Shares are currently down 4.87% to $50.61 today.