Citi Maintains Rating, PT On TER Following FQ1:11 Results

Citi is maintaining its $24 price target and its Buy rating on Teradyne Inc. TER following the release of the company's strong FQ1:11 results. Says Citi, in its report, “Another strong Q, although the "shock" factor certainly isn't equivalent to last Q. Guidance wasn't great but essentially in-line on a pro-forma basis so the stock may trade down slightly on this print as it has been strong YTD. The populist call among our competitors seems to be a preference for the front-end, but with ASML, LRCX and now NVLS all posting punk orders and/or guidance, our call continues to be to prefer back-end names like TER (which are, incidentally, not missing numbers).” TER closed at $18.29 yesterday.