In a report published by Piper Jaffray, Teradyne TER is downgraded to Neutral.
Piper Jaffray said that it is seeing increasing evidence of over investment in foundry capacity and
believe that TSMC and Samsung have pushed out orders, as foundry demand is
weakening.
“We believe that non-Apple tablet demand has been significantly below
forecast. In addition, we believe that smartphone makers collectively expect market
share in excess of the market size. Finally, we believe that PCs will slow in 2H:11
as an over build in Q2 impacts demand in Q3 and a model change over in Q4
impacts demand in Q4. We think that this weaker than expected demand likely
impacts TER's order momentum over the next couple of quarters and we are cutting
our estimates going forward. We believe that TER is well positioned, but fairly
valued on our new lower estimates.
”
Teradyne closed yesterday at $18.22.
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Posted In: Analyst ColorAnalyst RatingsInformation TechnologyPiper JaffraySemiconductor Equipmentteradyne
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