As previously reported, Needham analyst James Ricchiuti downgraded Cognex to Hold after its in-line Q1 results and below-consensus Q2 outlook while also citing the management's acknowledgement that revenues for FY19 are likely to be "down modestly" relative to consensus expectations of a 7% growth. The analyst points to his expectations of a 33% consumer electronics sales decline relative to his forecast of a "modest" retreat, adding that in spite of the strength in logistics, he expects the overall sales for FY19 to be down single digits. Ricchiuti expects Cognex shares to trade range-bound until signs of recovery emerge later this year or in early 2020.