ATLKY - Cognex Could Come Back To Life In 2022

• Cognex shares have been underperforming, as have the shares of many high-growth/high-multiple industrials over the last six months.
• The company is going to be dealing with supply chain pressures in '22 and likely lower demand from a major logistics customer, but the company should still see double-digit growth.
• Cognex still has multiple opportunities to drive growth; auto capex will grow on EV/battery volumes, logistics automation is still under-penetrated, and multiple end-markets are just starting to seriously adopt automation.
• My expectations for Cognex are not modest (low-double-digit revenue growth and significant margin leverage), but the shares do look priced for a more attractive long-term return.

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