Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Teradyne (TER), and highlights the potential misalignment of interests between brokerage analysts and retail investors [1][5][10]. Group 1: Brokerage Recommendations for Teradyne - Teradyne has an average brokerage recommendation (ABR) of 1.93, indicating a consensus between Strong Buy and Buy, with 60% of recommendations being Strong Buy and 6.7% being Buy [2][4]. - The article suggests that relying solely on the ABR for investment decisions may not be advisable, as studies indicate that brokerage recommendations often fail to guide investors effectively [5][10]. Group 2: Limitations of Brokerage Recommendations - Brokerage analysts tend to exhibit a strong positive bias in their ratings due to vested interests, resulting in a disproportionate number of favorable ratings compared to negative ones [6][10]. - The article emphasizes that the best use of brokerage recommendations is to validate independent research rather than as a primary decision-making tool [7][10]. Group 3: Zacks Rank vs. ABR - Zacks Rank is presented as a more reliable tool for predicting stock performance, based on earnings estimate revisions, and is categorized into five groups from Strong Buy to Strong Sell [8][11]. - Unlike ABR, which may not be up-to-date, Zacks Rank reflects timely changes in earnings estimates, making it a more effective indicator for future stock prices [12]. Group 4: Current Earnings Estimates for Teradyne - The Zacks Consensus Estimate for Teradyne remains unchanged at $3.16 for the current year, suggesting stable analyst views on the company's earnings prospects [13]. - Due to the unchanged consensus estimate and other factors, Teradyne holds a Zacks Rank of 3 (Hold), indicating a cautious approach despite the Buy-equivalent ABR [14].

公众号记得加星标⭐️，第一时间看推送不会错过。 2025年6月17日，半导体测试领域迎来里程碑时刻！全球半导体自动测试设备领军企业泰瑞达（TERADYNE）与昂科技术（ACROVIEW） 正式签署战略合作协议，签约仪式在位于深圳市南山区科技园的汉京金融中心7楼的昂科技术总部圆满完成。双方高层领导、半导体行业协会 领导、重要客户代表及昂科员工齐聚一堂，共同见证这一具有深远意义的合作启动。 随着AI、5G、IoT、汽车芯片等行业的快速发展，半导体设计、开发和测试进入发展的关键时期，且在技术发展和人才流动的大环境下，半导体产 业格局正在历经重大结构调整。先进封装和异构集成的复杂技术所需求的可靠性，优选测试资源、先进测试方法以及全栈式测试设备，已然成为客 户提升核心竞争力的关键要素。 泰瑞达与昂科技术的深入合作，将共同为中国存储半导体产业链提供更快速、完整且具成本效益的测试解决方案。此次合作将充分发挥双方优势， 使测试方案的应用范围全面延伸至存储芯片的设计、制造、封装测试到模块生产全流程，满足中国客户全方位的需求。泰瑞达通过战略合作伙伴昂 科的支持，能更完整地覆盖并扩展直销团队的销售服务范围，全面满足不同规模、不同需 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源：内容编译自 semiengineering 。 在任务和安全关键型应用中，先右移，然后左移对于测试和检查变得越来越常见。 随着半导体逐渐进入曾经被认为难以承受的环境，人们对可靠性的期望也正在被重新定义。从太空 真空和喷气发动机内部，到深度工业自动化和电气化传动系统，芯片如今必须承受极端温度波动、 腐蚀性环境、机械振动、辐射和不可预测的功率循环，同时还要提供日益复杂的功能。这种转变迫 使测试和计量流程快速发展，以满足日益增长的可靠性需求。 过去，设备认证基于静态标准和相对狭窄的用例假设。但如今，严苛应用的多样性，加上日益增长 的系统集成和异构封装，正在打破这些假设。单靠压力测试已远远不够。制造商现在必须验证性能 并预测特定任务条件下的性能下降，在这些条件下，热循环、高压或振动是正常的工作状态，而非 极端情况。这种验证始于晶圆阶段，而不仅仅是后端。 "现在一切都与人工智能有关，" Microtronic首席营销官 Mike LaTorraca 表示。"我们看到数据中 心、航空航天和国防等领域的需求正在大幅增长——这些应用领域的芯片极其宝贵，且对任务至关 重要。这些 ...

美国商务部长卢特尼克宣称，美国将为芯片工厂培训500万美国工人，试图在特朗普第二任期内生产500 万片晶圆。 美光科技目前涨4.4%，Arm控股涨2.2%，应用材料、微芯科技、台积电ADR、意法半导体ADR、阿斯 麦ADR、德州仪器、泰瑞达、半导体ETF等涨超1%，AMD则跌0.3%，超微电脑跌2.6%，纳微半导体跌 5.6%。 ...

Teradyne (TER) closed at $82.06 in the latest trading session, marking a +0.75% move from the prior day. The stock outperformed the S&P 500, which registered a daily gain of 0.01%. Meanwhile, the Dow experienced a drop of 0.22%, and the technology-dominated Nasdaq saw an increase of 0.32%.The maker of wireless products, data storage and equipment to test semiconductors's shares have seen an increase of 9.96% over the last month, surpassing the Computer and Technology sector's gain of 7.95% and the S&P 500's ...

Company Performance - Teradyne's stock closed at $80.98, reflecting a +0.91% change from the previous session, outperforming the S&P 500's daily gain of 0.4% [1] - Over the past month, Teradyne's shares increased by 8.14%, underperforming the Computer and Technology sector's gain of 11.04% but outperforming the S&P 500's gain of 6.69% [2] Earnings Expectations - Analysts expect Teradyne to report an EPS of $0.54, which is a decline of 37.21% from the same quarter last year, with a projected quarterly revenue of $646.05 million, down 11.49% year-over-year [3] - For the entire fiscal year, earnings are projected at $3.16 per share and revenue at $2.9 billion, indicating a change of -1.86% for earnings and +2.89% for revenue compared to the prior year [4] Analyst Estimates and Rankings - Recent changes in analyst estimates for Teradyne are crucial as they reflect short-term business trends, with upward revisions indicating positive sentiment towards the company's operations [5] - The Zacks Rank system, which assesses stock performance based on estimate changes, currently ranks Teradyne at 3 (Hold), with a 4.85% decline in the Zacks Consensus EPS estimate over the past month [7] Valuation Metrics - Teradyne has a Forward P/E ratio of 25.37, which is higher than the industry average of 18.26, and a PEG ratio of 3.51, compared to the industry average PEG ratio of 1.63 [8] Industry Context - The Electronics - Miscellaneous Products industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 151, placing it in the bottom 39% of over 250 industries [9]

Core Viewpoint - Teradyne's shares have shown a 9.2% increase over the past month, outperforming the broader Zacks Computer and Technology sector but underperforming the Zacks Electronics – Miscellaneous Products industry [1] Financial Performance - Teradyne reported first-quarter 2025 revenues of $686 million, a 14% year-over-year increase, which was at the higher end of the company's guidance range of $660-$700 million [2] - Gross margin was 60.6%, and earnings per share were 75 cents, reflecting a 47.1% year-over-year increase, both exceeding management's expectations [2] - Revenues and earnings surpassed the Zacks Consensus Estimates by 0.26% and 22.95%, respectively [2] Guidance and Market Conditions - The company provided conservative guidance for the second quarter of 2025, expecting revenues between $610 million and $680 million and earnings in the range of 41 to 64 cents per share [3] - Teradyne anticipates sluggish business due to challenging macroeconomic conditions, including tariff uncertainties and volatility in end-market demand [3] Competitive Position - Teradyne has underperformed compared to industry peers such as Flex, Greenland Technologies, and Stardust Power, which saw share gains of 21.1%, 31%, and 19.4%, respectively [4] Earnings Estimates - The Zacks Consensus Estimate for second-quarter 2025 earnings is 54 cents per share, indicating a 37.21% decline from the previous year [5] - Revenue estimates are pegged at $646.05 million, suggesting an 11.49% decline from the year-ago quarter [5] Demand Challenges - Weak and inconsistent demand in key business segments is impacting Teradyne's growth, particularly in the Memory Test segment, where revenues were flat year-over-year at $109 million [6] - The Mobile segment has seen some improvement, but overall demand remains subdued due to declining phone unit volumes [7] Growth Opportunities - System Level Test (SLT) is expected to drive growth in the AI accelerator and mobile device segments, with Teradyne's Titan HP being utilized for production testing [8] - Teradyne's VIP Total Addressable Market (TAM) for 2026 is projected to be $600 million, with SLT expected to contribute $60-180 million [9] - HBM4's adoption is increasing in AI compute and data center workloads, creating a high-value test market for Teradyne [11]

Core Viewpoint - Teradyne's shares have increased by approximately 9.2% since the last earnings report, outperforming the S&P 500, but recent estimates have trended downward, indicating potential challenges ahead [1][2]. Group 1: Earnings Performance - The last earnings report for Teradyne was about a month ago, and the stock has shown positive performance since then [1]. - The consensus estimate for Teradyne has decreased by 5.32% over the past month, reflecting a negative sentiment among analysts [2]. Group 2: VGM Scores - Teradyne currently holds an average Growth Score of C, a Momentum Score of F, and a Value Score of C, placing it in the middle 20% for the value investment strategy [3]. - The overall aggregate VGM Score for Teradyne is D, suggesting a lack of strong performance across multiple investment strategies [3]. Group 3: Outlook - The downward trend in estimates indicates a broader negative outlook for Teradyne, with a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4].

Core Viewpoint - Teradyne, Inc. is initiated with a Strong Buy rating and a price target of $113, based on a projected FY25 EPS (Diluted) of $3.36, reflecting a 1.0% year-over-year increase [1] Company Overview - Teradyne designs and manufactures automatic test equipment across various sectors including semiconductor, system, industrial automation, and wireless [1] Research Methodology - Moretus Research employs a structured framework to identify companies with durable business models and mispriced cash flow potential, focusing on U.S. public markets [1] - The research emphasizes rigorous fundamental analysis combined with a judgment-driven process, avoiding noise and overly complex forecasting [1] Valuation Approach - Valuation is based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Investment Focus - Research coverage targets underappreciated companies undergoing structural changes or temporary dislocations, where disciplined analysis can lead to asymmetric returns [1]

Teradyne (TER) FY Conference Summary Company Overview - **Company**: Teradyne (TER) - **Date of Conference**: May 14, 2025 Key Industry Insights Macro Economic Outlook - There is a cautious optimism regarding the macroeconomic environment, with uncertainty remaining for the second half of the year [4][8] - Customer confidence deteriorated in early 2025 but has since stabilized, with customers still cautious about placing orders [3][4] - Teradyne has a balanced view of upside opportunities and downside risks for the remainder of the year [4][8] Business Model Resilience - Teradyne has a highly variable business model designed for uncertain market conditions, allowing for operational expense (OpEx) moderation during downturns [6][8] - The company maintains a conservative balance sheet with low debt and healthy cash reserves, enabling continued investment in research and development [7][8] Tariff Impact - Tariffs have a minor impact on Teradyne, with 10-15% of revenue from shipments to the U.S. and customers bearing the tariff burden [14][16] - There has been no significant pull-in of demand related to tariff changes, and the company expects to mitigate tariff impacts over time [12][17] Segment-Specific Insights Robotics Segment - There is increasing demand for automation in manufacturing, with companies looking to reshore operations [22][23] - The sales funnel for robotics is long (12-24 months), indicating a potential mid-term demand tailwind [22][23] Automotive and Industrial Markets - The semiconductor content in electric vehicles (EVs) is significantly higher than in internal combustion vehicles, driving growth in the automotive sector [56][57] - Teradyne expects a compound annual growth rate (CAGR) of about 15% from 2024 to 2028, with automotive and industrial growth rates slightly lower at 10-15% [58] AI and Compute - The complexity and high quality requirements of AI accelerators are driving increased test equipment demand [32][35] - Teradyne has captured 50% of the sockets in the AI compute space, with differentiation based on product reliability and design efficiency [37][42] Memory Testing - Teradyne has established a leadership position in final testing for both flash memory and DRAM, with a focus on high-bandwidth memory (HBM) testing [51] Financial Guidance and Market Outlook - Teradyne refrained from providing full-year guidance due to uncertainties in the second half of the year, with expectations of 5-10% growth instead of the previously anticipated 15% [25][30] - The company is monitoring various segments, including automotive, mobile, AI, and memory, for potential upside and downside risks [26][28][30] Conclusion - Teradyne is well-positioned to navigate the current economic uncertainties with a resilient business model and a focus on growth in key segments such as robotics, automotive, AI, and memory testing [8][57]