NEW YORK (TheStreet) -- Teradyne (TER - Get Report) stock was downgraded to "sector weight" from "overweight" at Pacific Crest Securities on Thursday.

The Boston-based company, which supplies automatic test equipment, reported 2015 third quarter earnings on Tuesday that slightly beat consensus estimates, the firm said.

Teradyne reported earnings of 40 cents per share on revenue of $466 million after the market close Tuesday. Analysts projected that the company would earn 38 cents per share on revenue of $465.6 million. 

Pacific Crest analysts lowered their projections for Teradyne's fiscal 2016 earnings to $1.32 from $1.46 per share.

"The semiconductor test market could begin to improve as the impact of parallel test diminishes and as test complexity rises; however, these could be offset by slowing smartphone growth and slowing node transitions, as well as near-term industry digestion," Pacific Crest said.

Shares of Teradyne were down by 3.93% to $19.54 in mid-morning trading on Thursday.

Separately, TheStreet Ratings team rates TERADYNE INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate TERADYNE INC (TER) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: TER

TER Chart TER data by YCharts