Cantor Fitzgerald lowered its price target on Teradyne (NASDAQ:TER) from $110 to $90, citing a worsening macro environment and a potentially overly optimistic outlook for the second half of the year, though it maintained an Overweight rating on the stock.
The firm expressed concerns that Teradyne’s earlier guidance cut in mid-March may not be the last, noting that market conditions have deteriorated further since then. Analysts now expect another revenue revision downward for calendar year 2025, warning that earnings per share could fall closer to a range of $2.50–$2.75, well below the current consensus estimate of $3.31.
Despite the stock already pulling back roughly 55% from its 52-week highs, Cantor believes there could be additional downside risk, possibly pushing shares into the low-$60 range if earnings forecasts are trimmed further. Competitive pressures are also seen as an increasing concern.
For the longer term, the firm adjusted its earnings expectations for calendar year 2026, now projecting EPS closer to $4.50 versus management’s earlier guidance range of $5.50–$7.50.