Citi Maintains Buy on Teradyne (TER)
Citi is out with its report today on Teradyne (NYSE: TER), maintaining Buy.
In a note to clients, Citi writes, "We rate TER Buy/High Risk (1H). With chip lead times continuing to compress in a mid-cycle correction (much like 2004) and back-end orders now set to bottom in CQ1:11 ~60% below 1H:10 peak, we are legging into select back-end stocks as the risk of being a little early is now significantly outweighed by the potential upside during the 2nd leg of the cycle."
Citi maintains a $24 PT on TER.
At the time of posting, shares of TER were at $18.14, down 0.44% from Tuesday's close.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.