Teradyne Inc. (TER) stock plummeted 5.03% on Monday during the trading session, underperforming the broader market.

The decline in Teradyne's share price comes after Baird lowered its price target on the semiconductor company from $150 to $140, while maintaining an Outperform rating.

Baird's decision to cut the price target likely reflects a more cautious outlook on Teradyne's future prospects, although the firm still sees potential upside with the Outperform rating. The reduced price target could have contributed to selling pressure on Teradyne's stock.