Cowen and company affirms Teradyne Inc. (NYSE: TER) with an Outperform rating and $23 price target following the company's Q2 results issued after markets closed on Wednesday.

Analyst Timothy Arcuri noted that robust orders and revenue pushed Teradyne to strong results. The analyst offered the following positives and negatives from the report:

Positives:

1. Strong FCF ($131 million, 114% adjusted NI) could enable upside to 2015 share buyback assumptions;
2. With Wireless Test sales +8% 1H:15/1H:14 and orders at highest level since CQ2:13, TER likely gaining share if TAM remains at low-end of ’15 range ($525MM [midpoint]);
3. Universal Robots contribution should grow from here (accretive to GMs immediately, accretive to EBIT over time); and
4. GMs second-highest level in history on volume leverage and opex management

Negatives:

1. Future Wireless Test growth could come at the expense of GMs given what appears to still be brutal pricing pressure

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