Teradyne: A Tempting Tech Pick
We believe the shares of semiconductor test equipment maker Teradyne (TER; recent price, $11) offer a compelling valuation. Although we are concerned about near-term weakness in the global economy and the semiconductor equipment industry, we believe these factors are already reflected in the price of the stock. Over the next 12 months we expect Teradyne's total available market in automatic test equipment to increase in the middle- to high-single-digit range, outperforming the overall semiconductor equipment industry, which we project to decline approximately 10% to 15%.
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