Teradyne: 2Q26 Review: 2026 Derisked and Stage Set for 2027; Stronger ATE TAM Growth Drives Broad Upside to Outlook; Reit. OW

研报英文原文证据摘录

Teradyne: 2Q26 Review: 2026 Derisked and Stage Set for 2027; Stronger ATE TAM Growth Drives Broad Upside to Outlook; Reit. OW

J P M O R G A N North America Equity Research

29 July 2026

Teradyne

2Q26 Review: 2026 Derisked and Stage Set for 2027; Overweight

Stronger ATE TAM Growth Drives Broad Upside to TER, TER US

Outlook; Reit. OW Price (29 Jul 26):$319.41

▲Price Target (Dec-27):$465.00

Prior (Dec-27):$450.00

Teradyne revised its 2H26 outlook based on non-compute strength, delivered

encouraging commentary pertaining to the ramp of large customers in 1H27, and IT Hardware/ Telecom & Networking

Equipmentintroduced a $20 bn ATE TAM by end of decade, which collectively should

improve investor sentiment in relation to a previously expected 2H slowdown, the Joseph Cardoso AC

company’s market share, and the scope of the opportunity with regards to both (1-212) 622-9036

joseph.cardoso@jpmchase.com

compute and non-compute. The change in the 2H outlook implies +60% y/y

growth and $5 bn+ revenue in 2026, substantially higher than JPMe of +43% y/y Marc Vitenzon

(1-212) 622-3342

and consensus of +41% y/y, with product mix and operating leverage implying, in marc.vitenzon@jpmchase.com

our view, operating margins of ~32% vs. JPMe of ~29% and consensus of ~30%.

Manmohanpreet Singh

The revision in back-half expectations was attributed to substantial ATE TAM (1-212) 622-4527

growth observed over the course of the year, particularly in non-compute, with manmohanpreet.singh@jpmchase.com

Memory, System Test, and Automotive & Industrial highlighted. Memory test in Akanksh Chauhan

particular went from expectations of a possible 2H decline to growth half-on-half, (1-212) 622-0045

with management surprised by the strength in DDR and an inflection in NAND akanksh.chauhan@jpmorgan.com