Earnings Volatility From Cyclical ExposureSignificant exposure to cyclical Test & Measurement demand could amplify earnings volatility if industrial spending weakens, limiting valuation upside despite stronger defensive assets.
Macro Uncertainty And Customer SpendingBroad macroeconomic uncertainty may prompt customers to postpone projects and cut discretionary R&D budgets, weighing on cyclical end markets and top-line growth.
Power-electronics R&D Demand RiskSlower-than-expected recovery in power-electronics R&D could delay orders from key customers and reduce equipment spending, pressuring revenue in the Test & Measurement segment.