UPDATE: Credit Suisse Downgrades Teradyne to Neutral, Reiterates $19.50 PT on Risk to 2015 Estimates

In a report published Monday, Credit Suisse analyst Farhan Ahmad downgraded the rating on

from Outperform to Neutral, but reiterated the $19.50 price target. In the report, Credit Suisse noted, “We are downgrading TER to Neutral, as the stock is near our $19.50 target price and as we see 32%/29% downside risk to consensus 2015/2016 EPS estimates. We expect TER revenues will decline >10% in 2015 due to the SoC Test market decline. We are lowering our rev/EPS estimates for CY15 from $1.60bn/$1.03 to $1.44bn/$0.84 and introducing CY16 at $1.59bn/$1.07, respectively. Our CY15/CY16 EPS estimates are 32%/29% below the Street.” Teradyne closed on Friday at $19.42.