Teradyne is trading at $365.99 (-4.48%) after Baird downgraded it to Neutral from Outperform, citing valuation concerns and limited near-term catalysts.
- Baird maintained its $420 price target and questioned the sustainability of AI and hyperscaler capital-spending growth.
- The analyst expects no material compute upside during the second half of 2026.
- Broader markets are higher, making company-specific valuation pressure the clearest explanation.