Cognex Corporation (CGNX) stock surged 10.19% in pre-market trading on Thursday following the release of its better-than-expected second-quarter earnings report. The machine vision systems manufacturer demonstrated strong performance, surpassing analyst estimates in key financial metrics.

For the quarter ended June 30, Cognex reported adjusted earnings of 25 cents per share, beating the average analyst expectation of 24 cents. This also marked an improvement from the 23 cents per share reported in the same quarter last year. Revenue for the quarter rose 4.1% to $249.09 million, outperforming the analyst consensus of $246.14 million. The company's net income for the period stood at $40.51 million.

The positive earnings surprise has reinforced investor confidence in Cognex's growth trajectory. Wall Street maintains a bullish outlook on the stock, with the current average analyst rating being "buy". The median 12-month price target for Cognex stands at $37.00, suggesting potential upside from its last closing price. This strong financial performance and optimistic market sentiment appear to be driving the significant pre-market rally in Cognex shares.