Aletheia Capital Upgrades Texas Instruments to Hold
Aletheia Capital analyst George Chang upgraded Texas Instruments (NASDAQ: TXN) to Hold with a price target of $220.00 (from $190.00).
“In a cyclical upturn, TXN’s high inventory levels and vertically integrated model should translate to quick turn opportunities and high operating leverage.
The planned acquisition of SLAB should add US$1bn to sales, so 10% growth will continue in the next three years.
That said, we do not find the valuations compelling in particular as we continue to think that it will be difficult for FCF/share to return to its historical trend line.
We raise our estimate for FY26-28 EPS by 7-19%, and our TP from US$190 to $220 (DCF) and our rating to HOLD.”
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