BofA raised the firm’s price target on Teradyne (TER) to $110 from $83 and keeps an Underperform rating on the shares. The firm attributes the stock being up 20% after earnings to enthusiasm around the potential for winning incremental Nvidia (NVDA) GPU testing business, the Apple (AAPL) related 2nm product ramp, and incremental wins in robotics. The firm reflects the potential for these wins in its new raised estimates, but reiterates an Underperform rating on the “somewhat binary nature” of an Nvidia win, timing uncertainty, and limited potential upside it sees to its raised target.
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