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Needham & Company Starts Teradyne (TER) at Buy

December 10, 2012 8:29 AM EST Send to a Friend
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Price: $18.70 +0.21%

Rating Summary:
    11 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 7
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Needham & Company initiates coverage on Teradyne (NYSE: TER) with a Buy. PT $20.00.

The firm comments, "Teradyne is a leading supplier of automatic test equipment and solutions for the semiconductor and related electronics industries. In our view, Teradyne's Semiconductor Test, Systems Test Group, and the newly emerging and higher growth Wireless Test systems group are very well positioned to capitalize on a resumption of semiconductor units and capital spend off the current cyclical trough. We believe management has improved its operations significantly over the past five years to better weather cyclical downturns and capitalize on upturns when they occur. Though growth has been difficult towards the end of 2012, we believe a cyclical recovery will commence in mid 2013. Coupled with the secular growth of Wireless Test and the wild card potential for Memory, we believe our 2% revenue growth forecast in 2013 and 15% in 2014 could likely prove conservative. Thus, we believe TER shares currently offer one of the least expensive and most opportunistic ways to play the semi cycle longer term."

For an analyst ratings summary and ratings history on Teradyne click here. For more ratings news on Teradyne click here.

Shares of Teradyne closed at $15.84 yesterday.




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