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In a report published Monday, Credit Suisse analyst Satya Kumar reiterated an Outperform rating on Teradyne (NYSE: TER), and raised the price target from $23.00 to $25.00.
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In the report, Credit Suisse noted, “We think the street views TER as an ex-growth cyclical stock, versus our belief that TER is returning to growth and is more likely to grow its earnings from $1.68 in CY12 to $2.50 by 2016 driven by the IoT cycle and wireless/HDD share gains. We are increasing our CY13 Rev/EPS estimates from $1.56bb/$1.18 to $1.66bb/$1.42. Our new TP of $25 (increased from $23) represents 12x of CY14 EPS adjusted for net cash.”
Teradyne closed on Friday at $17.94.