Teradyne downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Samik Chatterjee downgraded Teradyne to Underweight from Neutral with a price target of $81, down from $90. The analyst sees increasing risks around elevated expectations of a rebound in the company’s revenue and earnings starting with the back half of 2023 and in 2024. For the second half of 2023, in which consensus expects a 28% increase in revenue, the firm sees downside "driven by lackluster demand" from Apple, and for 2024 where consensus expects 25% revenue growth, it sees several areas of weak wafer fab equipment spend and limited 3nm led demand impacting rebound expectations.