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Fly News Breaks for April 10, 2018
CGNX
Apr 10, 2018 | 04:49 EDT
Goldman Sachs analyst Joe Ritchie downgraded Cognex to Neutral and lowered his price target for the shares to $55 from $78. The analyst sees 2018 as a transition year for the company with electronics capital spending slowing and the operating expense growth likely exceeding sales growth. He thinks consensus earnings expectations for 2018 and 2019 are too high. Shares of Cognex could face near-term pressure as estimates are revised lower, Ritchie tells investors in a research note.
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