- Morgan Stanley analyst Joseph Moore downgraded Teradyne Inc (NASDAQ:TER) to Equal Weight from Overweight with an unchanged price target of $132 (17% upside).
- He likes the company's long-term direction and continues to see a rebound for the Apple Inc (NASDAQ:AAPL) business in 2023.
- However, the downward revision to this year's estimates and the general underperformance of capital equipment names leaves him seeing other more attractively positioned companies in his coverage.
- Pushing the Apple 3nm ramp into 2023 has made Teradyne to some degree into "more of a 2023 story," and he is less optimistic about the non-Apple parts of the business next year, Moore noted.
- Price Action: TER shares traded lower by 3.01% at $113.77 on the last check Thursday.
