Benzinga | Oct 7, 2021 11:59AM EDT

DA Davidson Upgrades Teradyne, Sees 24% Upside

* DA Davidson analyst Thomas Diffely upgraded Teradyne Inc (NASDAQ:TER) to Buy from Neutral with a price target of $140, up from $135, implying a 24% upside.

* The analyst believes that the company's core Automated Test Equipment, or ATE, business is expected to remain at elevated levels while noting that the ramping momentum in the Industrial Automation, or IA, group should provide "meaningful" growth in the coming years.

* Diffely adds that his prior neutral stance reflected his view of a "lackluster" IA performance, but he sees IA momentum returning.

* Price Action: TER shares traded higher by 3.43% at $112.74 on the last check Thursday.