) concluding that the coming financial periods look weak for the test equipment supplier based on historical trends that may return. In the report Morgan Stanley wrote, "We remain UW on TER given high volatility in the back-end test buy pattern, which we think warrants a lower multiple relative to the group. Despite strength in the HDD business, we expect semi sales to remain weak in 2H11 as 4Q sales have historically declined on average by 20% sequentially in the last five years. Consequently, we see further downside to consensus estimates in the 4Q and await a better entry point." Morgan Stanley rated Teradyne an Underweight with no price target given. Teradyne closed Wednesday at $13.76.