JPMorgan initiated coverage of Cognex (CGNX) with a Neutral rating and $45 price target which offers 1% potential upside. Cognex has a global leadership position in machine vision through logistics barcode reading, but its next chapter will be defined by artificial intelligence-enabled vision systems and diversification into packaging, healthcare, and factory automation, the analyst tells investors in a research note. The firm sees near-term risks for the company, including its reliance on large logistics customers and intensifying competition from China.
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