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HON - The Market Seems Focused On Cognex's Long-Term Potential Over Short-Term Troubles
Honeywell International Inc.
Institutional investors aren’t famous for their patience, and growth investors are typically even more unforgiving when their growth darlings come in a few ticks below expectations. And yet Cognex (CGNX), which posted over 20% year-over-year revenue contraction and once again guided down, is getting off relatively light, or at least in the immediate post-earnings period.
Don’t get me wrong – I like Cognex and I think it’s one of the best plays on logistics automation and the “factory of the future” theme. I’m just surprised that the Street is still comfortable paying over