UPDATE: Piper Jaffray Raises PT to $22 on Teradyne

Piper Jaffray maintains its Overweight rating on Teradyne

and raises its price target to $22 from $18 a share as the company benefits from mobility and share gains. Piper Jaffray says, "Teradyne is more leveraged to testing devices in the mobile device ecosystem (Apps processor, power management, image sensors, baseband processor) versus testing devices in the PC ecosystem. Given higher growth of mobile devices this year compared to PC's, we expect the sub segment growth within SOC (~40-45% of $2.5bn) will likely be favorable to Teradyne's revenue growth. We believe strength is from Apple, QCOM, and BRCM where Teradyne is well exposed." TER closed at $16.41 a share yesterday.