Shares of Teradyne (TER) are soaring 5.07% in pre-market trading on Thursday, following a wave of analyst upgrades and increased price targets. The semiconductor testing equipment manufacturer has received positive attention from multiple Wall Street firms, signaling growing confidence in the company's prospects.

Morgan Stanley led the charge by upgrading Teradyne from Underweight to Equal-Weight and significantly raising its price target from $74 to $100. This move was echoed by several other prominent firms, with Evercore ISI maintaining a Buy rating and setting a $120 price target. Baird showed particular optimism, raising its target to $125 from $87 while maintaining an Outperform rating. Other notable increases came from JP Morgan (target raised to $122), BofA Global Research (target up to $110), and Stifel (target increased to $100).

The flurry of positive analyst actions has pushed Teradyne's average price target to $112.21, according to FactSet data. This renewed optimism appears to be driven by an improved outlook for the semiconductor industry and Teradyne's strong position within it. Investors are responding enthusiastically to these developments, as reflected in the stock's pre-market surge. However, it's worth noting that despite the upgrades, some analysts like Bank of America Securities' Vivek Arya maintain a cautious stance, citing a premium valuation while still raising their price target.