Teradyne Inc. (TER): Strong quarter plus bullish commentary on structural demand growth clears an elevated bar - Buy

研报英文原文证据摘录

Teradyne Inc. (TER): Strong quarter plus bullish commentary on structural demand growth clears an elevated bar - Buy

Equity Research

29 July 2026 | 2:36PM EDT

Teradyne Inc. (TER): Strong quarter plus bullish commentary on

structural demand growth clears an elevated bar - Buy

Key stock takeaways: We expect the stock to trade higher following a very strong James Schneider, Ph.D.

+1(212)357-2929 |

quarter and guidance that likely cleared elevated investor expectations heading into jim.schneider@gs.com

Goldman Sachs & Co. LLC

the print. From our conversations, investor positioning appeared quite constructive

Anmol Makkar

heading into the quarter, supported by expectations for an initial merchant GPU +1(212)357-1366 |

tester ramp, plus continued strength in networking and memory test spending. We anmol.makkar@gs.comGoldman Sachs & Co. LLC

were encouraged by management’s revised view of 50%-52% first‑half revenue Luya You

linearity (vs. 55%-60% prior), reflecting sustained demand despite lumpiness in the +1(212)902-5297Goldman Sachs & Co.| luya.you@gs.comLLC

timing of Compute revenue. We believe sustained strength in VIP compute and Khalil Fenina

memory (especially HBM/DRAM), in addition to the design win with a Merchant GPU +1(212)357-6392 | khalil.fenina@gs.com

customer, are poised to drive further revenue upside in 2026 and beyond. We remain Goldman Sachs & Co. LLC

Buy rated on TER, as we expect accelerating growth in the company’s semiconductor

test segment (particularly in GPUs) to more than offset a potential weakness in

traditional markets.

Quarterly results above the Street: Teradyne reported revenue of $1.33 bn, above

GS at $1.24 bn and the Street at $1.22 bn. Gross margin of 59.8% was above GS at

58.9% and the Street at 58.7%.