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Deutsche Bank analyst Sidney Ho downgraded Teradyne to Hold from Buy with a price target of $120, down from $170 (8.4% upside).
The company provided "weak" guidance for the first half of 2022 as revenue from its crucial mobility customer will likely decline more than 50% this year.
The analyst adds that while the delayed transition to 3nm was already well known, he's still surprised by the magnitude of the decline in tester demand.
Teradyne's long-term growth is there, but the stock will be range-bound in the short term, notes Ho.
Stifel analyst Brian Chin downgraded Teradyne to Hold from Buy with a price target of $115, down from $160 (4% upside).
Chin tells investors that he is "not throwing in the towel" and continues to back Teradyne's dual growth strategy in test and industrial automation.
However, he acknowledges that the path to achieving the estimates that he based his initial valuation upon will be steeper.
He suspects that in the current environment, the "appetite to discount 2023-24 scenarios has lessened."
He is lowering his 2022 estimates, and although he remains optimistic on the growth opportunities Teradyne has out to 2023, Chin said that "tactically speaking this year we view Teradyne as a better 2H than 1H stock."
Rosenblatt analyst Kevin Garrigan kept a Buy and reduced the price target to $165 from $180 (suggesting 49% upside).
Susquehanna analyst Mehdi Hosseini lowered the firm's price target on Teradyne to $150 from $165 (35.5% upside) and maintained a Positive.
The analyst said that after its disappointing guidance, the risk/reward profile on the hares has improved.
He said the company would likely be back on track starting in 2H22 to progress toward annualized earning power of $8.
Baird analyst Richard Eastman lowered the price target on Teradyne to $142 from $160 and reiterated an Outperform.
The analyst views the reset in the shares as offering a fresh opportunity to play the ramp in semiconductor complexity/Test demand coming in 2023/24, along with expected +HSD% growth in units.
Morgan Stanley analyst Joseph Moore maintained Teradyne with an Overweight and lowered the price target to $132 from $161 (19% upside).
Piper Sandler analyst Weston Twigg maintained Teradyne with an Overweight and lowered the price target to $163 from $173 (47% upside).
Price Action: TER shares traded lower by 0.37% at $110.83 on the last check Friday.
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