Cognex price target lowered to $40 from $55 at Stephens

Stephens lowered the firm’s price target on Cognex to $40 from $55 and keeps an Equal Weight rating on the shares. While the firm is watching the company for an opportunity to recommend the stock at depressed levels, Stephens views the shares as range bound pending visibility to a sizable logistics recovery and/or proof points of contributions from the Emerging Customer initiative.