Cognex price target raised to $58 from $54 at Needham

Needham analyst James Ricchiuti raised the firm’s price target on Cognex to $58 from $54 and keeps a Buy rating on the shares. The company posted a "mixed" set of Q4 results with "disappointing" guidance, but its management is maintaining a relatively high level of investment that suggests Cognex anticipates a turn later in the year and gathering momentum in 2024 fueled by new products and secular growth drivers like EVs and the next wave of logistics-related cap-ex, the analyst tells investors in a research note.