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Cognex Corporation designs, develops, manufactures, and markets a range of products that incorporate sophisticated machine vision technology that gives them the ability to “see.” Cognex products include barcode readers, machine vision sensors, and machine vision systems that are used in factories, warehouses, and distribution centers around the world to guide, gauge, inspect, identify, and assure the quality of items during the manufacturing and distribution process. Cognex is the world’s leader in the machine vision industry, having shipped more than 1 million vision-based products, representing over $4 billion in cumulative revenue, since the company’s founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has regional offices and distributors located throughout the Americas, Europe, and Asia.
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Piper Jaffray Initiates Coverage on Cognex (CGNX) with a Buy, Sees Revenue Growth Over Next Several Years
POSTED 12/18/2008
December 18, 2008 -- Piper Jaffray & Co. initiates coverage on Cognex Corp. (Nasdaq: CGNX) with a Buy. Price target $17.
Piper analyst says, "We believe that the shares are under-followed, under-appreciated, and under-valued and that the machine vision market is under-penetrated. Valuation is compelling as the stock is trading at 2.3x cash, has no debt, provides a 4.6% dividend yield and has a profitable business model. We believe that as the global economy starts to stabilize, manufacturers will re-focus on growth and cost-saving initiatives. We believe one of the areas of investment will be machine vision as these systems drive productivity while improving quality and reliability in manufacturing. New products, an expanding sales force in Asia, and a new relationship with Mitsubishi will help drive revenue growth over the next several years."
Cognex Corporation designs, develops, manufactures and markets machine vision systems, or computers that can see, which are used to automate a range of manufacturing processes where vision is required.