UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Teradyne

In a report published Monday, Citigroup reiterated its Buy rating on Teradyne

, and slightly raised its price target from $18.00 to $19.00. Citigroup noted, “TER reported Dec-Q results with revs/adj EPS of $248M/$0.06 vs. our $250M/break-even and Street's $247M/$0.01. Semitest sales were $184M (down 41% qq), system test $40M (up 18% qq), and LitePoint wireless test $24M (down 80% qq). Mar-Q revs/adj EPS guide of $270M/$0.03 was significantly lower than our $379M/$0.33 and Street's $322M/$0.17 due to a more gradual recovery in semitest and LitePoint sales so far vs. last year's seasonality.” Teradyne closed on Friday at $16.56.