Here's Why Morgan Stanley Downgraded Teradyne

Morgan Stanley analyst Joseph Moore downgraded Teradyne Inc TER to Equal Weight from Overweight with an unchanged price target of $132 (17% upside).
He likes the company's long-term direction and continues to see a rebound for the Apple Inc AAPL business in 2023.
However, the downward revision to this year's estimates and the general underperformance of capital equipment names leaves him seeing other more attractively positioned companies in his coverage.
Pushing the Apple 3nm ramp into 2023 has made Teradyne to some degree into "more of a 2023 story," and he is less optimistic about the non-Apple parts of the business next year, Moore noted.
Price Action: TER shares traded lower by 3.01% at $113.77 on the last check Thursday.