This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

George Putnam is the newsletter advisory industry's leading authority on distressed stocks and turnaround situations. In his The Turnround Letter, he looks to semiconductor firm Teradyne (NYSE: TER), his top 2009 pick.

"Founded in 1960, Teradyne is the leading maker of automated semiconductor testing equipment. It also produces testing equipment for circuit board assemblies, aerospace and defense instruments, and automotive systems.

"The current short-term prospects for the semiconductor industry are weak, and so many of the chip stocks are down hard. Testing is a key element of semiconductor production, and so the testing equipment producers will prosper when the chip makers rebound.

"Teradyne has been the dominant player in the semiconductor testing market for quite a while and over the last couple of years the company further solidified its leadership position by acquiring competitors and buying back stock.

Continue reading Top Stock Picks '09: Teradyne (TER)

Top Stock Picks '09: Teradyne (TER) originally appeared on BloggingStocks on Tue, 06 Jan 2009 10:10:00 EST. Please see our terms for use of feeds.

• JP Morgan upgraded shares of Amazon (NASDAQ:AMZN) to Overweight from Neutral as they believe the company's market share gains in the e-commerce sector will continue and that new product lines are adding diversification of revenue streams.
  
• Wachovia upgraded Leap Wireless (NASDAQ:LEAP) to Outperform from Market Perform citing new market launches that should drive subscriber growth and reduced ARPU deterioration.
  
• Deutsche Bank upgraded shares of Pride International (NYSE:PDE) to Buy from Hold as they believe investors will view the stock as a pure deepwater play beginning in Q2.
• PDL BioPharma (NASDAQ:PDLI) was upgraded to Neutral from Underweight at JP Morgan.
  
• Best Buy (NYSE:BBY) was raised to Buy from Neutral at Goldman.
  
• Altera (NYSE:ALTR) was upgraded at Wachovia to Outperform from Market Perform.

• Keefe Bruyette downgraded Southside Bancshares (NASDAQ:SBSI), Prosperity Bancshares (NASDAQ:PRSP), Cullen/Frost (NYSE:CFR) and BancFirst (NASDAQ:BANF) to Underperform from Market Perform on valuation and the weakening economic outlook in the Southwest.
  
• Oppenheimer cut Varian Medial (NYSE:VAR) to Perform from Outperform as they believe U.S. hospitals could reduce capital spending budgets by 15%-25% in 2009.
  
• Dress Barn (NASDAQ:DBRN) was lowered to Neutral from Buy at SunTrust based on valuation and lack of near-term catalysts.
• JetBlue (NASDAQ:JBLU) was downgraded at Jesup & Lamont to Hold from Buy.
  
• Credit Suisse cut Novellus (NASDAQ:NVLS) to Underperform from Neutral.
  
• Helen of Troy (NASDAQ:HELE) was downgraded to Underweight from Neutral at JP Morgan.

• Merriman initiated Capstone Turbine (NASDAQ:CPST) with a Neutral rating and finds the stock fairly valued at current levels.
  
• Leerink sees a high likelihood that Momenta's (NASDAQ:MNTA) lead product candidates M-Enoxaparin and M-356 clear regulatory and legal hurdles. The firm has an Outperform rating and $16 fair value estimate on shares.
  
• NCI (NASDAQ:NCIT) was initiated with a Market Perform rating at Wachovia based on valuation.
• Teradyne (NYSE:TER) was assumed at Barclays with an Overweight rating and $6 target.

Analyst upgrades, downgrades and initiations: AMZN, LEAP, BBY, BANF, JBLU originally appeared on BloggingStocks on Mon, 05 Jan 2009 12:38:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• Thomas Weisel started shares of Walgreen (NYSE: WAG) with an Overweight rating and $43 target. The firm is positive on WAG's steady cash flow and solid growth profile.
  
• Merriman believes Crown Castle (NYSE: CCI) is a core wireless holding given its high-margin, predictable recurring revenue model. They believe shares can trade to the $49-$51 range assuming management continues to execute on its free cash flow growth target. Shares were assumed with a Buy rating.
  
• KeyBanc initiated Brunswick (NYSE: BC) with a Hold rating and expects the recreational marine market to be challenging given weakening consumer spending trends.

• Citigroup initiated Gerdau AmeriSteel (NYSE: GNA) with a Buy rating and $21 target.
  
• Piper assumed Teradyne (NYSE: TER) with a Neutral rating and $14 target.
  
• International Speedway (NASDAQ: ISCA) was initiated at Stephens with an Overweight rating and $50 target.

Analyst initiations: WAG, CCI, GNA, TER, ISCA and BC originally appeared on BloggingStocks on Tue, 20 May 2008 12:25:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• Oppenheimer upgraded shares of Teradyne Inc (NYSE: TER) to Outperform from Perform after channel checks indicated several positive catalysts, including continued market share gains and that the company is benefiting from the inventory build of game consoles.
  
• Jefferies upgraded Omnivision Technologies (NASDAQ: OVTI) to Buy from Hold and named the stock their Tuesday Value Pick, as they find the risk/reward favorable at current levels. Jefferies thinks fundamentals will likely bottom in the April quarter.
• JMP Securities raised DemandTec Inc (NASDAQ: DMAN) to Strong Buy from Outperform, as they believe the company had a very strong close to the year and is seeing real traction with its Promotions product.

• MasterCard Incorporated (NYSE: MA) was raised to Neutral from Outperform at Credit Suisse.
  
• JP Morgan upgraded Rite Aid Corporation (NYSE: RAD) and Campbell Soup Company (NYSE: CPB) to Overweight from Neutral.
  
• Bear raised Repsol SA (NYSE: REP) to Outperform from Peer Perform.

Analyst upgrades: MA, RAD, CPB, TER, OVTI and DMAN originally appeared on BloggingStocks on Tue, 26 Feb 2008 10:53:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• Baird initiated Amag Pharmaceuticals (NASDAQ: AMAG) with an Outperform rating and believes concerns regarding ferumoxytol approvability are misplaced.
• JP Morgan assumed coverage of Corn Products (NYSE: CPO) with an Overweight rating and points to the company's growth in emerging markets and improved business economics in its core U.S. market.
• RBC Capital is positive on Alpharma's (NYSE: ALO) Flector opportunity in the U.S. topical NSAID market. The firm started shares with an Outperform rating and $28 target.

• Merrill resumed coverage of Baxter (NYSE: BAX) with a Buy rating.
• Goldman initiated Teradyne (NYSE: TER) with a Neutral rating and $11 target.
• Allianz AG (NYSE: AZ) was initiated with a Buy rating at Societe Generale.

Analyst initiations: AMAG, CPO and ALO originally appeared on BloggingStocks on Mon, 04 Feb 2008 10:50:00 EST. Please see our terms for use of feeds.

• Baird upgraded shares of Apollo Group (NASDAQ: APOL) to Outperform from Neutral based on positive enrollment and revenue trends, margin improvement, and a strategic international announcement.
  
• CIBC upped its rating on Zoran Corporation (NASDAQ: ZRAN) to Sector Outperformer from Sector Performer following strong Q3 results and guidance.
  
• Jefferies upgraded shares of AmSurg Corp (NASDAQ: AMSG) to Buy from Hold as they believe the new CEO is preparing to drive earnings growth through acquisitions.
  
• ThinkEquity continues to expect Apple (NASDAQ: AAPL) to outpace the industry in growth. The firm upgraded shares to Buy from Accumulate.
  
• Barrington upgraded shares of Tribune Company (NYSE: TRB) to Market Perform from Underperform on valuation, as they believe the current price significantly discounts the risks of the going private transaction getting done.

• Citigroup upgraded Jarden Corporation (NYSE: JAH) and Teradyne (NYSE: TER) to Buy from Hold.
  
• Lehman upgraded SunPower Corporation (NASDAQ: SPWR) to Overweight from Equal Weight.
  
• HSBC upgraded ArcelorMittal (NYSE: MT) to Overweight from Underweight.
  
• WestLB raised Roche Holding (OTC: RHHBY) to Add from Hold.

Analyst upgrades: APOL, ZRAN, AMSG, AAPL and TRB originally appeared on BloggingStocks on Tue, 23 Oct 2007 11:20:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• Piper Jaffray downgraded Checkfree Corp (NASDAQ: CKFR) to Market Perform from Outperform after transferring coverage of the payment processor company.
• Sprint Nextel Corp (NYSE: S) was cut to Outperform from Strong Buy at Raymond James.
• Lehman cut the semiconductor capital equipment sector to Neutral from Positive, downgrading Cascade Microtech, Inc (NASDAQ: CSCD), Novellus Systems, Inc (NASDAQ: NVLS) and Teradyne, Inc (NYSE: TER) to Equal Weight from Overweight and cut Electroglas, Inc (NASDAQ: EGLS) to Underweight from Equal Weight.

• ThinkEquity cut Jones Soda Co (NASDAQ: JSDA) to Source of Funds from Buy based on valuation.
• Goldman is now cautious on the biofuel sector, downgrading the group to Cautious from Neutral.
• William Blair downgraded shares of Medimmune, Inc (NASDAQ: MEDI) to Market Perform from Outperform.
• Credit Suisse downgraded shares of Big 5 Sporting Goods Corp (NASDAQ: BGFV) to Underperform from Neutral citing valuation.
• Wachovia dropped Inkeepers USA Trust (NYSE: KPA) to Underperform from Outperform based on the acquisition from Apollo Investment Corp (AINV). Citigroup cut Inkeepers to Hold from Buy.

Analyst downgrades 4-17-07: CKFR, JDSA, MEDI and S all downgraded today originally appeared on BloggingStocks on Tue, 17 Apr 2007 11:01:00 EST. Please see our terms for use of feeds.

MORE NOTEWORTHY:

• American Technology started InterMune Inc (NASDAQ: ITMN) with a Buy rating and $29 target as the firm believes the recent share weakness in InterMune provides a buying opportunity. The firm expects significant news flow from the ITMN-191 program over the next 12 months to provide positive catalysts to shares.

• Pacific Crest initiated Riverbed Technology Inc (NASDAQ: RVBD) with an Underperform rating and $22 target, citing valuation.

• Credit Suisse started Credence Systems (NASDAQ: CMOS) with an Underperform rating and $3 target.

• JP Morgan started MWI Veterinary (NASDAQ: MWIV) with an Overweight rating, saying industry fundamentals are favorable and MWIV's growth prospects are strong.

• UBS & Merrill Lynch both started Duncan Energy Partners (NYSE: DEP) with a Neutral rating.

• Employers Holdings, Inc (NYSE: EIG) was initiated with an Equal-Weight rating at Morgan Stanley.

• Needham initiated Cascade Microtech, Inc (NASDAQ: CSCD) with a Buy rating and $18 target.

• Credit Suisse assumed coverage of Teradyne, Inc (NYSE: TER) and Amkor Technology (NASDAQ: AMKR) with a Neutral rating and $17 target.

Analyst initiations 3-12-07: InterMune & Riverbed Tech initiated today originally appeared on BloggingStocks on Mon, 12 Mar 2007 11:16:00 EST. Please see our terms for use of feeds.