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Teradyne Inc.

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Teradyne continues to benefit from its growing memory market exposure and strong product lineup. Further, a recovery in the core semiconductor business (processors, MCUs and power management) is likely to boost the total revenues. Also, the company’s lean cost structure and strong balance sheet remain positives. Additionally, the management is optimistic about the Universal Robots acquisition and continuous design win momentum. We believe that the company has significant growth opportunities in the high-growth wireless test market in the long-haul. However, sluggishness in Teradyne's HDD business due to a slowdown in the PC market poses a major concern. Further, weakness in the mobility test market remains a headwind. Also, Teradyne's stock has underperformed the industry it belongs to on a 12-month basis.

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