Cowen and Company affirms Teradyne (NYSE: TER) with an Outperform rating and $23 price target after the company issued Q1 results on Wednesday night.

Analyst Timothy Arcuri commented today: The song remains the same - investors should be buying its usual guide-below as history suggests the stock will recover somewhat ... Beyond near-term, we see C2017 potentially bucking the normal on/off trend that would otherwise imply '17 down, due in part to AAPL A11 and ~$50 million incremental from UR. Even at our $23 target, TER would trade at discount to peers yet is good steward of capital.

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