DA Davidson analyst Matt Summerville raised his price target on Cognex to $45 after its Analyst Day presentation, saying its market growth is expected to continue at a double-digit rate over the long-term, while its "industry-leading" R&D spending has yielded a "competitive edge and a robust new product pipeline". The analyst still keeps a Neutral rating on Cognex shares however, noting that the company is still facing headwinds in its Consumer Electronics and Auto end markets, which combined account for over 50% of its annual revenues. Summerville also points to weakness in Cognex's China business, where economic sentiment and manufacturing activity "remain decidedly soft".