KeyBanc Raises Texas Instruments Price Target to $240
KeyBanc analyst John Vinh raised the price target on Texas Instruments (NASDAQ: TXN) to $240.00 (from $220.00) while maintaining an Overweight rating.
“In-line 4Q Results and Higher 1Q Guidance; ‘Slow’ Cyclical Recovery Continues Lead by Industrials; TXN posted in-line 4Q results and guided 1Q higher.
Better than seasonal guidance was attributed to data center and continued strength in Industrials, which grew +18% y/y in 4Q and still has plenty of runway, as it is still 25% below prior peak.
TXN indicated that bookings and turns increased steadily through the quarter and characterized the cyclical recovery as “slow.” Despite concerns regarding auto softness, mgmt. sees continued strength in China as it grew +16% y/y in 4Q and sees 1Q down seasonally.
We’re encouraged by these results and are raising estimates and PT to $240. Maintain OW.”
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