On August 21, Teradyne fell 3.27% in regular trading, trading at $371.31/share, with turnover of $125 million. The decline was triggered by Baird downgrading the stock from Outperform to Neutral while maintaining a price target of $420.
Baird had previously lowered its price target on Teradyne from $446 to $420 on July 30 while still maintaining an Outperform rating. The latest downgrade to Neutral signals a more cautious near-term stance from the firm. The stock had already been under significant pressure from surging long-term Treasury yields over August 18-19, which weighed broadly on the semiconductor equipment sector, accumulating a decline exceeding 13% during that stretch. The current FactSet analyst consensus maintains an average overweight rating with a mean price target of $455.92, suggesting Baird's downgrade introduces further divergence among analysts regarding near-term valuation recovery potential.
Within the Semiconductor Equipment sector, Applied Materials fell 1.17%, KLA Corporation fell 0.84%, while Lam Research rose 0.13%, ASML Holding rose 0.03%, and AXT Inc rose 0.1%.
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