Teradyne downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Teradyne (TER) to Sector Weight from Overweight without a price target The firm says that given the “numerous swings” in trade policy in recent weeks and the “unpredictable potential impact” on end market demand, it is shifting its focus toward semiconductor capital equipment names “with more direct catalysts and better visibility.” Given reduced demand across mobile phones, auto, and other consumer products, KeyBanc has less confidence in its ability to predict near-term outcomes for Teradyne than for some other names it covers. The firm is more positive on names exposed to upgrade cycles or where channel inventory has been reduced, like memory.