KeyBanc last night upgraded Cognex (CGNX) to Overweight from Sector Weight with a $50 price target following the Q2 report. Improving demand across most of the company’s end markets could drive a shift toward more normalized upcycle operating leverage into 2026, the analyst tells investors in a research note. The firm believes this implies out-year EBITDA margins in the low- to mid-20% range, well ahead of the 20% 2026 target Cognex introduced at its recent analyst day.
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