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Teradyne

Teradyne, Inc. Common Stock

Teradyne, Inc.

Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems and wireless testing for devices. The firm entered the industrial automation market in 2015, into which it sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies directly and indirectly with its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.

Teradyne Inc

TERAFORCE TECH CORP by TeraForce Technology Corp.

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TerraCom Ltd

Terns Pharmaceuticals, Inc. - Common Stock

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Tern PLC

TRASMISSIONE ELECTR ORD by Terna Rete Elettrica Nazionale SPA

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TERADYNE ORD

Teradyne (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) is preparing to release its quarterly earnings on Wednesday, 2024-10-23. Here's a brief overview of what investors should keep in mind before the announcement.
Analysts expect Teradyne to report an earnings per share (EPS) of $0.78.
Investors in Teradyne are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Past Earnings Performance</h3>
The company's EPS beat by $0.09 in the last quarter, leading to a 13.38% drop in the share price on the following day.
Here's a look at Teradyne's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.77</td>
<td>0.33</td>
<td>0.71</td>
<td>0.73</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.86</td>
<td>0.51</td>
<td>0.79</td>
<td>0.80</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-13.0%</td>
<td>8.0%</td>
<td>-8.0%</td>
<td>-3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729609264_0_0.png" alt="eps graph" />
<h3>Performance of Teradyne Shares</h3>
Shares of Teradyne were trading at $125.93 as of October 21. Over the last 52-week period, shares are up 43.2%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<h3>Insights Shared by Analysts on Teradyne</h3>
Understanding market sentiments and expectations within the industry is crucial for investors. This analysis delves into the latest insights on Teradyne.
The consensus rating for Teradyne is Neutral, based on 8 analyst ratings. With an average one-year price target of $149.62, there's a potential 18.81% upside.
<h3>Peer Ratings Comparison</h3>
In this analysis, we delve into the analyst ratings and average 1-year price targets of Entegris, Enphase Energy and Onto Innovation, three key industry players, offering insights into their relative performance expectations and market positioning.
<ul>
<li>As per analysts' assessments, Entegris is favoring an Buy trajectory, with an average 1-year price target of $143.83, suggesting a potential 14.21% upside.</li>
<li>The consensus outlook from analysts is an Neutral trajectory for Enphase Energy, with an average 1-year price target of $112.53, indicating a potential 10.64% downside.</li>
<li>As per analysts' assessments, Onto Innovation is favoring an Outperform trajectory, with an average 1-year price target of $255.0, suggesting a potential 102.49% upside.</li>
</ul>
<h3>Snapshot: Peer Analysis</h3>
The peer analysis summary provides a snapshot of key metrics for Entegris, Enphase Energy and Onto Innovation, illuminating their respective standings within the industry. These metrics offer valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Teradyne</td>
<td>Neutral</td>
<td>6.64%</td>
<td>$425.84M</td>
<td>7.04%</td>
</tr>
<tr>
<td>Entegris</td>
<td>Buy</td>
<td>-9.81%</td>
<td>$375.82M</td>
<td>1.95%</td>
</tr>
<tr>
<td>Enphase Energy</td>
<td>Neutral</td>
<td>-57.33%</td>
<td>$137.17M</td>
<td>1.20%</td>
</tr>
<tr>
<td>Onto Innovation</td>
<td>Outperform</td>
<td>27.10%</td>
<td>$128.24M</td>
<td>2.93%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Teradyne ranks highest in revenue growth among its peers. It also leads in gross profit margin. However, it has the lowest return on equity compared to its peers.
<h3>All You Need to Know About Teradyne</h3>
Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems and wireless testing for devices. The firm entered the industrial automation market in 2015, into which it sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies directly and indirectly with its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.
<h3>Teradyne: Financial Performance Dissected</h3>
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
Revenue Growth: Over the 3 months period, Teradyne showcased positive performance, achieving a revenue growth rate of 6.64% as of 30 June, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Information Technology sector.
Net Margin: Teradyne's net margin excels beyond industry benchmarks, reaching 25.52%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 7.04%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Teradyne's ROA excels beyond industry benchmarks, reaching 5.29%. This signifies efficient management of assets and strong financial health.
Debt Management: Teradyne's debt-to-equity ratio is below the industry average. With a ratio of 0.03, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<a href="https://www.benzinga.com/quote/TER/earnings">To track all earnings releases for Teradyne visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

Uncovering Potential: Teradyne's Earnings Preview

ARM,QCOM,NVDA,MU,AMD,TSM,AVGO,NXPI,LRCX,INTC,ASML,ON,RMBS,LSCC,GFS,TSEM,SIMO,ADI,KLAC,MCHP,STM,AMAT

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Shares of chip stocks are trading lower in sympathy with ASML, which fell after issuing soft guidance. Some stocks in the sector may also be down on reports indicating the US is discussing curbing chip exports to some countries.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock&#39;s price, do they really matter?
Let&#39;s take a look at what these Wall Street heavyweights have to say about Teradyne (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ter#NASDAQ">TER</a>) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Teradyne currently has an average brokerage recommendation of 1.81, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 16 brokerage firms. An ABR of 1.81 approximates between Strong Buy and Buy.
Of the 16 recommendations that derive the current ABR, 10 are Strong Buy, representing 62.5% of all recommendations.
<h2>Brokerage Recommendation Trends for TER</h2>
<img alt="Broker Rating Breakdown Chart for TER" class="chart" src="https://staticx-tuner.zacks.com/images/yesopchart/brokerage_bar/TER_10112024.png" style="width:100%" title="" /> 
The ABR suggests buying Teradyne, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every &quot;Strong Sell&quot; recommendation, brokerage firms assign five &quot;Strong Buy&quot; recommendations.
In other words, their interests aren&#39;t always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock&#39;s price movement.
Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock&#39;s price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.
<h2>Zacks Rank Should Not Be Confused With ABR</h2>
Although both Zacks Rank and ABR are displayed in a range of 1-5, they are different measures altogether.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
<h2>Should You Invest in TER?</h2>
Looking at the earnings estimate revisions for Teradyne, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $3.02.
Analysts&#39; steady views regarding the company&#39;s earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Teradyne.
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Teradyne.
<a href="https://www.zacks.com/stock/news/2349267/teradyne-ter-is-considered-a-good-investment-by-brokers-is-that-true?cid=CS-BENZ-FT-fundamental_analysis|average_broker_rating-2349267">To read this article on Zacks.com click here.</a>

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News

Markets

Analyst Ratings

Trading Ideas

Teradyne Is Considered a Good Investment by Brokers: Is That True?

MRVL

Shares of semiconductor stocks are trading higher. The sector may be rebounding after falling amid a broader market dip on Tuesday.

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WOLF

Shares of companies in the broader semiconductor and chip sector are trading lower amid overall market weakness after Iran launched a missile attack on Israel.

Teradyne's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TER#NYSE">TER</a>) short percent of float has risen 6.32% since its last report. The company recently reported that it has 4.16 million shares sold short, which is 3.03% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.34 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Teradyne Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727787626_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Teradyne has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Teradyne's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Teradyne's peer group average for short interest as a percentage of float is 6.81%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

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How Is The Market Feeling About Teradyne?

OLED

Shares of semiconductor and chip stocks are trading higher following Wednesday's rate cut, which has lifted growth stocks and rate-sensitive sectors such as tech.

Small Business

Teradyne Robotics And Siemens Announce Strategic Collaboration To Showcase Future Of Automation At Siemens Experience Center In MxD Innovation Hub, Chicago

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QRVO

Shares of semiconductor and chip stocks are trading lower. The sector has been volatile recently as investors assess economic data, potential Fed policy and the sector's year-to-date performance.

Shares of semiconductor stocks are trading higher amid strong recent economic data and in possible sympathy with Nvidia following CEO Jensen Huang's recent comments on demand and after Vice President Harris spoke of investment in American-based companies to win the technology race during the Presidential Debate.

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Semiconductor shares are trading higher amid possible sympathy with NVIDIA. At the ABC 2024 Presidential Debate, Vice President Harris said she wants to invest in American-based technology to win the race on AI and quantum computing.

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Shares of semiconductor, hardware and AI-linked companies are trading lower as the sector continues to pull back. Chip stocks may also be down in sympathy with Broadcom, which fell after reporting earnings.

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Shares of semiconductor stocks are trading lower amid overall market weakness. A drop in the price of NVIDIA may weigh down the sector.

Thursday&#8217;s trading session unfolded with semiconductor stocks surging despite a drop in Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/news/24/08/40620740/nvidia-etfs-split-in-pre-market-after-jensen-huang-led-chip-giant-exceeded-q2-expectations">shares.</a>
Nvidia's earnings were seen as a critical juncture for the broader stock market in August, with the potential to either boost or reverse the recent rally. However, events did not play out as many had expected.
<h3 class="wp-block-heading">Nvidia Shares Fall On Unimpressive Guidance</h3>
Nvidia&#8217;s shares failed to rebound after a negative reaction in Wednesday&#8217;s post-market hours.
The Santa Clara, California-based company reported quarterly revenue of $30 billion, beating estimates of $28.86 billion, reflecting a 15% increase from the previous quarter and an impressive 122% year-over-year growth.
Net income reached $16.6 billion, up 12% from the prior quarter and a significant 168% increase compared to the same quarter last year. Earnings per share came in at 68 cents, surpassing the expected 64 cents.
Despite surpassing Wall Street&#8217;s revenue and earnings forecasts, Nvidia&#8217;s outlook failed to meet investors' already lofty expectations for the coming quarters. The company projected this quarter's revenue at $32.5 billion, plus or minus 2%, slightly above the estimated $31.9 billion, but not enough to excite the market.
See Also: <a href="https://www.benzinga.com/news/24/08/40624703/nvidia-to-rally-over-31-here-are-10-top-analyst-forecasts-for-thursday">NVIDIA To Rally Over 31%? Here Are 10 Top Analyst Forecasts For Thursday</a>
<h3 class="wp-block-heading">7 Semiconductor ETFs Rise</h3>
Investors likely viewed Nvidia's quarterly results as a standalone event, opting for caution as the company's guidance did not significantly exceed expectations. 
Yet, they maintained a generally positive sentiment toward the broader market. Competitors of the AI giant experienced a marked rally, deviating from their usual trend of closely following Nvidia&#8217;s performance. 
&#8220;We believe Nvidia's comments on Data Center demand were constructive,&#8221; Toshiya Hari, an analyst at Goldman Sachs, stated. The company&#8217;s outlook for data center demand bodes well for other semiconductor firms involved in the AI infrastructure build-out.
Hari highlighted &#8220;ongoing tightness in High-Bandwidth Memory as a material positive for Buy-rated Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>).&#8221;
Even exchange-traded funds (ETFs) with a significant Nvidia exposure witnessed positive performance during Thursday's trading session. Here are some notable movers:
<ul>
<li>Strive U.S. Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOC#NYSE">SHOC</a>): up 0.7%, despite Nvidia comprising 30% of the fund.</li>
<li>VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>): up 0.8%.</li>
<li>VanEck Fabless Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMHX#NYSE">SMHX</a>): up 1.2%. This newly launched ETF focuses on companies that specialize in chip design and development while outsourcing production.</li>
<li>Invesco PHLX Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXQ#NYSE">SOXQ</a>): up 1.4%.</li>
<li>First Trust Nasdaq Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXL#NASDAQ">FTXL</a>): up 1.6%.</li>
<li>iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>): up 1.7%.</li>
<li>SPDR S&amp;P Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XSD#NYSE">XSD</a>): up 2.7%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Top-Performing Semiconductor Stocks</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
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<tr>
<td>Arm Holdings pic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>)</td>
<td>4.81%</td>
</tr>
<tr>
<td>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</td>
<td>4.50%</td>
</tr>
<tr>
<td>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>)</td>
<td>4.29%</td>
</tr>
<tr>
<td>ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>)</td>
<td>4.18%</td>
</tr>
<tr>
<td>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>)</td>
<td>3.73%</td>
</tr>
<tr>
<td>Teradyne, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>)</td>
<td>3.37%</td>
</tr>
<tr>
<td>Onto Innovation Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONTO#NASDAQ">ONTO</a>)</td>
<td>3.06%</td>
</tr>
<tr>
<td>Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>)</td>
<td>2.98%</td>
</tr>
<tr>
<td>Analog Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>)</td>
<td>2.82%</td>
</tr>
<tr>
<td>Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>)</td>
<td>2.80%</td>
</tr>
</tbody>
</table>
</figure>
Now Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40628887/nvidia-analysts-say-pullback-is-buying-opportunity-pushing-ai-envelope-too-signific">Nvidia Analysts Say Pullback Is Buying Opportunity: &#8216;Pushing AI Envelope Too Significant To Slow Down&#8217;</a></li>
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Semiconductor ETFs Rally Despite Nvidia Dip: 10 Chipmakers Defy The AI Darling's Drop

Shares of semiconductor and chip stocks are trading higher in possible reaction to NVIDIA's earnings report. NVIDIA fell despite better-than-expected financial results.

With NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) earnings in focus this week, analysts highlight key trends including the rise of artificial intelligence, strong demand from China, and geopolitical restrictions as crucial drivers for <a href="https://www.benzinga.com/topic/semiconductors">the semiconductor industry.</a>
Nvidia Earnings: Analysts expect Nvidia to report revenue of $28.7 billion for the second quarter, compared to $13.5 billion reported in last year's second quarter, according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>
The company has beaten revenue estimates in eight straight quarters and nine of the last 10 quarters.
Analysts see Nvidia reporting second-quarter earnings per share of 64 cents compared to 27 cents in last year's second quarter. The company has beat earnings estimates from analysts in six straight quarters and eight of the last 10 quarters.
Cantor Fitzgerald analyst C.J. Muse calls Nvidia one of the top picks for the second half of 2024 ahead of the earnings report.
"Stick with AI first and foremost," Muse said of the semiconductor sector.
Muse said when it comes to semiconductor companies and AI, "you either have it or you don't."
"2Q continued to show a divergence between the haves and have-nots, with anything AI-related thriving, while other areas remain in the cyclical doldrums."
The analyst sees China demand showing relative strength, which could be a positive for Nvidia and the sector. Geopolitical tentions that are at the forefront of investor concerns appear to have a minimal impact on the companies based on results and guidance, the analyst said.
Muse said the delay of Nvidia's Blackwell is a real concern, but not on the level some are expecting.
"A 1-2 month delay makes little to no difference to our thesis on the name. Demand remains robust and supply remains tight."
Muse said the Blackwell concerns being overdone makes Nvidia's valuation "too cheap to ignore."
Read Also: <a href="https://www.benzinga.com/top-stories/24/08/40534794/nvidia-is-next-weeks-top-stock-market-strategist-says-why-best-long-term-idea-is-just-buy-nvidia-and">Nvidia Is Next Week&#8217;s Top Stock, Market Strategist Says: Why Best Long-Term Idea Is &#8216;Just Buy Nvidia And Put It Away&#8217;</a>
Other Semiconductor Picks: Muse highlights Nvidia as a top winner in the semiconductor sector for the second half of 2024 alongside Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Micron Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>), NXP Semiconductors (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), ASML Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) and Teradyne Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) as top picks.
Broadcom, Micron, Teradyne and Marvell Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) are highlighted as likely outperformers for the AI theme according to the analyst.
"Spending patterns remain robust and we see no slowdown over the mid-term given criticality of investments. This group saw some of the greatest pullbacks during the recent SOX rollercoaster," Muse said of NVDA, AVGO, MU, MRVL and TER as AI picks.
The analyst mentions Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) as a potential value pick with its book value attractive, but not enough catalysts to drive upside for the stock.
"One would have to believe risk/reward is biased higher, and this will be an argument many make here."
Muse said this is the cheapest Intel has traded on a book value basis over the last three decades. "At the same time, the company is facing meaningful structural headwinds today and a still very uphill battle to regain its footing," Muse adds.
NVDA Price Action: Nvidia shares are down 3% to $126.90 on Monday, versus a 52-week trading range of $39.23 to $195.95. Nvidia stock is up over 150% year-to-date in 2024.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="995" height="505" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26140932/Screenshot-143.png" alt="" class="wp-image-514297" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26140932/Screenshot-143.png 995w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26140932/Screenshot-143-300x152.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26140932/Screenshot-143-768x390.png 768w" sizes="(max-width: 995px) 100vw, 995px" /></a></figure>
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Photo: Shutterstock

Analyst Color

Previews

Reiteration

Nvidia Stock, Semiconductor Sector Split Between AI Winners And Losers: Analyst Says 'Stick With AI First And Foremost'

Shares of semiconductor stocks are trading higher amid overall market strength following Fed Chair Powell's comments about the economy and future rate cuts.

Cantor Fitzgerald analyst C J Muse upgraded Teradyne Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) from Neutral to Overweight and a <a target="_blank" href="https://www.benzinga.com/quote/TER/analyst-ratings" rel="noreferrer noopener">$160&nbsp;price target</a>.
Muse termed Teradyne one of the sneakier AI plays in semiconductors, adding it to its Top Picks list. He said it has excellent leverage for networking and high-bandwidth memory&nbsp;(HBM) and is growing in traction on the Custom Silicon side of the house.
Teradyne is also well-levered to a broader industry recovery given an outsized share in Auto or Industrial test, strong positioning in the robotics market, and a solid exposure in the mobile market, where underutilized capacity has been reallocated to compute over the past few quarters, resulting in a robust setup for capacity builds once demand inevitably recovers, the analyst added.
Over the past five years, Teradyne has essentially traded in line with the SOX and at a slight premium to the front-end equipment suppliers, rerating to a ~20x multiple on average versus a ~15x multiple on average over the prior five years.
He added that Teradyne has traded more in the 20x-30x range over the past two years, benefiting from multiple expansions across the semiconductor industry.
The analyst writes that 25x is a more than fair multiple today, with upside potential with a greater appreciation of Nvidia Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) AI exposure. Taken together and discounting back, the analyst noted a fair value of $160 today (+22% upside) with a clear path higher after that.
Looking forward, Muse noted a path to $200+ as the discounting mechanism is removed, and the multiple potentially expands as investors seek out AI exposure beyond the core Nvidia, Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), and Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).&nbsp;&nbsp;
Given the profile of the company&#8217;s exposure, scarcity value in AI-leverage, and the path for upside to consensus estimates, Muse expects calendar years 2024 and 2025 EPS tracking to $3.10+ and $5.00+ versus consensus $3.03 and $4.69, and earnings power tracking towards the high end of the company&#8217;s target model in calendar year 2026.
Price Action: TER stock traded higher by 0.93% at $132.96 at the last check on Friday.
Image via Shutterstock

Upgrades

Price Target

Teradyne Positioned for AI Growth with Strong Robotics and Auto Test Markets, Analyst Upgrades Stock

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our<a href="https://www.benzinga.com/analyst-stock-ratings"> analyst ratings page.</a>
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5809becc846faa000106ad2b/stephen-bersey">HSBC analyst Stephen Bersey</a> upgraded the rating for Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) from Hold to Buy, while raising the price target from $46 to $58. Cisco shares gained 6.8% to close at $48.53 on Thursday. <a href="https://www.benzinga.com/quote/CSCO/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Williams Trading analyst Sam Poser upgraded NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) from Sell to Buy and boosted the price target from $67 to $93. Nike shares gained 5.1% to close at $82.50 on Thursday. <a href="https://www.benzinga.com/quote/CNKESCO/analyst-ratings">See how other analysts view this sto</a>ck.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6331beac10b15f0001b58380/c-j%20muse">Cantor Fitzgerald analyst C J Muse </a>upgraded the rating for Teradyne, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) from Neutral to Overweight and announced a $160 price target. Teradyne shares gained 5.2% to close at $131.73 on Thursday. <a href="https://www.benzinga.com/quote/TER/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler analyst Harsh Kumar upgraded Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) from Neutral to Overweight, while increasing the price target from $90 to $100. Microchip shares gained 4.1% to settle at $81.30 on Thursday. <a href="https://www.benzinga.com/quote/MCHP/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Daiwa Capital analyst <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6331beac10b15f0001b58380/c-j%20muse">Narumi Nakagiri</a> upgraded the rating for Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>) from Neutral to Buy and boosted the price target from $120 to $154. Illumina shares gained 5.3% to close at $128.80 on Thursday. See how other analysts view this stock. S<a href="https://www.benzinga.com/quote/ILMN/analyst-ratings">ee how other analysts view this stock.</a></li>
</ul>
Considering buying CSCO stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="579" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16082653/image-1-47-1024x579.png" alt="" class="wp-image-498819" style="width:531px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16082653/image-1-47-1024x579.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16082653/image-1-47-300x170.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16082653/image-1-47-768x434.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/16082653/image-1-47.png 1257w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>

Pre-Market Outlook

CSCO

ILMN

This Cisco Analyst Turns Bullish; Here Are Top 5 Upgrades For Friday

Cantor Fitzgerald analyst C J Muse upgrades Teradyne (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) from Neutral to Overweight and announces $160 price target.

Cantor Fitzgerald Upgrades Teradyne to Overweight, Announces $160 Price Target

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Craig-Hallum analyst Christian Schwab maintained a Hold rating on Teradyne (TER – Research Report) today. The company's shares closed yesterday at ...

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