Cognex initiated with a Buy at Truist

Truist initiated coverage of Cognex with a Buy rating and $47 price target. Cognex is a market leader in machine vision systems with 15% of the global market and the firm believes the company is finding innovative ways to accelerate customer adoption of machine vision products. The firm believes end markets are at trough and thinks a near term strategy could accelerate market adoption and improve the pace of new product introductions.