Citi analyst Atif Malik raised the firm’s price target on Teradyne (TER) to $125 from $112 and keeps a Buy rating on the shares. The firm said in a research note on Friday that it maintains its view that the equipment group bottomed in October last year and investors are increasingly looking at 2024 recovery. Specific to Teradyne, Citi sees improving year-over-year semis test sales in 2023/24 based on a steady recovery in Apple (AAPL) mobile sales, which would also help expand the semi test weighted price-to-earnings average multiple over time.
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Published first on TheFly
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Read More on TER:
- Teradyne price target raised to $97 from $84 at Northland
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