Cognex price target raised to $58 from $53 at UBS

UBS analyst Damian Karas raised the firm’s price target on Cognex (CGNX) to $58 from $53 and keeps a Buy rating on the shares. Shares rallied more than 20% after reporting a Q2 operating beat and better than expected Q3 guidance, with management commentary indicating signs of broadening factory automation improvement outside of Logistics, mainly in Packaging and Consumer Electronics, the analyst tells investors in a research note. The business appears to be gaining momentum in its strategy to widen the customer base, and winning new business via its AI solutions, UBS says.