Morgan Stanley analyst Joshua Pokrzywinski downgraded Cognex 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.
Published first on TheFly
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