JPMorgan downgraded Cognex (CGNX) to Underweight from Neutral with a price target of $35, down from $45. The firm cites the stock’s “stretched” valuation and cyclical risks facing the company for the downgrade. While Cognex’s strategic transformation and innovation should support future growth, the stock’s current premium to historical multiples “warrants caution,” the analyst tells investors in a research note.
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