Piper Jaffray upgrades Cognex to Neutral

|About: Cognex Corporation (CGNX)|By:, SA News Editor

Piper Jaffray upgrades Cognex (CGNX -1.1%) to Neutral from Underweight and ratchets its PT to $58 from $34 after the company's upbeat analyst day.

Analyst Jagadish Iyer believes the company's logistics segment is in the midst of a multi-year growth trend as its machine vision product replaces laser line scanners. Iyer sees the company potentially topping the Street's 2014 estimates but remains concerned over Cognex's "frothy" valuation.