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Teradyne, Inc. (NYSE:TER) shares were up 5.2 percent near Wednesday’s open on news of an upgrade by Stifel Nicolaus. Analyst Patrick Ho upgraded the stock from Hold to Buy, with a price target raised from $32 to $39.
Although Ho doesn’t see the semiconductor testing industry set for growth on the whole, Teradyne’s position as a leader in the market could set it up for strong gains.
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Teradyne is the lead supplier for mobile application processor and other industrial and technological testing equipment.
Robotics Business Set For Gains
The company also operates an emerging robotics business, which has grown faster than the sector’s average rate. Ho believes that this business justifies re-rating the company’s shares more in line with other robotics firms versus semiconductor testing names.
The market as a whole has been pulling back of late, creating an attractive entry point for investors.
Related Link: The European Union Wants To Tax Robots
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“We believe this business segment is at least meeting and more than not, exceeding some high expectations that were built in when this business was acquired two years ago,” said Ho.
The analyst forecasts the business to grow its top line 50 percent in 2017 and an additional 45 percent year over year in 2018.
The company has forged deep relationships with key distributors, which could sustain growth for several years.
At time of publication, shares were up 3.64 percent at $30.77.
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_______Image Credit: Teradyne trade show display, 1963. By Nick DeWolf - originally posted to Flickr as 1963-1 10 05 by steve the archivist, CC BY-SA 2.0, via Wikimedia CommonsCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.