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Fly News Breaks for November 20, 2018
TER
Nov 20, 2018 | 06:25 EDT
BofA/Merrill analyst Vivek Arya downgraded Teradyne (TER) to Neutral from Buy and lowered its price target to $40 from $41 citing limited content gains in 2019 iPhones. Arya expects smartphone chip vendors could have a difficult 2019 due to lack of innovative features and content gains in 2019 iPhones, and does not expect growth to resume until the 5G cycle in 2020 at the earliest. Apple (AAPL) is 24% of Teradyne's' sales, and when combined with difficult memory test comps and the elimination of carrier subsidies, will make near-term growth difficult, the analyst wrote in a note to investors.
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