Cognex upgraded to "outperform" - update

12/14/05 - Bear Stearns

NEW YORK, December 14 (newratings.com) - Analyst Antonio Antezano of Bear Stearns upgrades Cognex Corporation (CGNX) from "peer perform" to "outperform," while raising his estimates for the company. The target price is set to $39.

In a research note published yesterday, the analyst mentions that there is significant upside potential to the company’s share price going forward. The analyst expect Cognex to witness a faster recovery in OEM sales in the near term and acceleration in Checker sales during the forthcoming year. The EPS estimates for 4Q05, 2006 and 2007 have been raised from $0.25 to $0.26, from $1.14 to $1.17 and from $1.43 to $1.47, respectively.