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Fly News Breaks for March 24, 2016
CGNX
Mar 24, 2016 | 07:13 EDT
As previously reported, CLSA downgraded Cognex (CGNX) to Underperform from Outperform. Analyst Jeremie Carpon said Apple's (AAPL) new iPhone SE is essentially a refreshed iPhone 5S, which will likely be made with older equipment and raises the risk that Cognex will not meet lofty consensus expectations. Capron sees increased earnings risk for the rest of the year given the weaker manufacturing capex environment and developments at Apple and views risk/reward as unfavorable following the recent strength.
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